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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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 cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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