Renowned trader Peter Brandt believes that a specific crypto asset focused on payments will stand out from the crowd, while also predicting a significant surge in the price of silver.
Brandt, who has a following of 803,900 on X, shared his views on the potential of Stellar (XLM) compared to other cryptocurrencies. He mentioned that while most cryptos will eventually lose their value, he sees XLM as a potential “rock star” in the market.
“Every crypto enthusiast has their favorite coin, but I believe that the majority of actively traded coins will become worthless, including your favorite. Already, 3.7 million coins are no longer in circulation. Among the few that could shine, I believe XLM has the potential to become a standout performer.”
Brandt’s analysis suggests that XLM is on the verge of breaking out from a large triangle pattern on the monthly chart, with a target price of $1.51 for XLM.
As of the current writing, XLM is trading at $0.452, slightly down for the day.
Shifting focus to silver (XAG), Brandt indicates that the commodity could potentially reach a price nearly double its all-time high from 1980 if it surpasses its current resistance level.
“Although not a typical cup and handle pattern, the chart indicates that silver could reach $95 per ounce if it breaks through the resistance. This applies to both paper and physical silver.”
Brandt emphasizes that silver needs to reach $100 per ounce just to keep pace with the growth of other assets.
“I am currently optimistic about silver. In the past, I correctly predicted the peak price of $50 per ounce in 2011. Silver has shown strong performance over the years, but it needs to reach $100 per ounce to align with the market.”
At present, silver is valued at $38.42 per ounce.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Generated Image: Midjourney
