Veteran trader Peter Brandt says that one payments-focused crypto asset will outshine the pack while predicting a massive upswing for silver.
Brandt tells his 803,900 followers on the social media platform X that while most cryptocurrencies will eventually go to zero, one token he envisions becoming a “rock star” is the XRP (XRP) rival Stellar (XLM).
“Every crypto nerd has his/her/its own pet rock or Beanie Baby. I believe 95%+ of the 11,000 actively traded coins will become near worthless – your pet rock included.
Already 3.7 million coins are dead (source: CoinGecko). Only about 50% of most actively traded cryptos are trading at greater than 10% of their peak value. One coin I think could become a rock star is XLM.”
Looking at Brandt’s chart, he seems to suggest that XLM is gearing up to break out from a massive triangle pattern on the monthly chart. The chart also appears to suggest that Brandt is targeting $1.51 for XLM.
XLM is trading for $0.452 at time of writing, a fractional decrease on the day.
Moving on to silver (XAG), Brandt says the commodity could reach a staggering price – nearly twice its all-time high set in 1980 – if it can break through its current resistance level.
“This is my long-term silver chart. While not technically a cup and handle, the chart nevertheless could support an advance to $95 per ounce if overhead resistance is hurdled. True for paper silver as well as physical silver.”
According to Brandt, Silver needs to reach $100 per ounce just to keep pace with the growth of other assets.
“For the record, I am long Silver. I am not a silver hater. The last big call I made on silver was to alert the world that [the] price was topping out at $50 an ounce back in 2011. Wow, in the last 14 years, silver’s been quite a performer. Silver needs to go to $100 an ounce just to catch up with the rest of the world.”
Silver is valued at $38.42 per ounce at time of writing.
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