Veteran trader Peter Brandt says XRP rival Stellar Lumens (XLM) has incredible potential and could be the next altcoin to see significant price action.
Stellar Lumens (XLM) is the native cryptocurrency of the Stellar payment network, which aims to connect banks, financial institutions, payment systems and individuals for fast and secure cross-border transactions.
XLM is currently trading at about $0.095 at the time of writing, and it has gained nearly 50% in value since the end of last month. And according to Brandt, the 14th largest cryptocurrency by market cap may just be getting started.
Will $XLM Stellar Lumens be the next alt-coin to pump? pic.twitter.com/7YUjUdqhCj
— Peter Brandt (@PeterLBrandt) July 15, 2020
Great chart. Thanks for posting this. Incredible potential with the pattern.
— Peter Brandt (@PeterLBrandt) July 15, 2020
Brandt, who gained fame in crypto circles for calling Bitcoin’s big collapse in January of 2018, also says he expects Ethereum and most altcoins to outpace BTC in the short term.
“Significant breakout in ETH/BTC with target of .03276. Most alts should gain on Bitcoin in near future.”
Last week, crypto YouTuber Nicholas Merten said he believed a new altcoin season had officially arrived after the collective market broke a key line of resistance against BTC.
But Binance CEO Changpeng Zhao says traders should not expect the entire altcoin market to rise without reason.
He says the next altcoin season will require coins to have shown real-world progress and sufficient use cases.
Not all alts will pump during the next #altszn. If a project has been around for 3 years but not much to show for, then…
A few that have consistently pushed development will thrive.#BUIDL
— CZ ? BNB (@cz_binance) July 8, 2020
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/GrandeDuc
