Veteran commodity trader Peter Brandt has opined that Stellar (XLM) could end up becoming "a rock star."
Brandt has shared a bullish chart showing that XLM is currently in the process of forming a large symmetrical triangle.
The token is now approaching the upper line of the triangle, meaning that it could potentially experience a breakout in the near future.
Brandt has identified a potential target of $1.51 for the popular altcoin.
XLM's big moment
As reported by U.Today, XLM recently managed to outperform the Ripple-linked XRP token during the July rally. The two tokens are usually put in the same "mental basket" due to association with billionaire Jed McCaleb (who co-founded Ripple and later pivoted to Stellar).
As of now, XLM is ranked as the 16th biggest cryptocurrency by market capitalization as it remains ahead of Chainlink (LINK) and Hedera (HBAR).
The token has slipped by 4% over the past week after hitting a new record high of $0.52 on July 18 on the Binance exchange. It is currently down by 16% from that local peak.
95% of coins will become "worthless"
At the same time, Brandt is convinced that a whopping 95% of all actively traded cryptocurrencies will eventually be worthless. He has disparagingly classified some tokens as pet rocks and Beanie Babies, referring to toy fads.
The legendary commodity trader has noted that 3.7 million cryptocurrencies are already dead.
He is convinced that half of the actively traded cryptocurrencies are overvalued.
That said, it seems like XLM could potentially flip this metaphor by becoming a rock star if the aforementioned bullish pattern ends up playing out.
The chartist has changed his tune on the token after previously predicting that it would become "basically worthless."
Vladislav Sopov
U.Today Editorial Team