Veteran commodity trader Peter Brandt has singled out Stellar (XLM) as a cryptocurrency worth watching over the next several years.
“If you want to bet on a long shot (next few years), $XLM is a good pick,” Brandt wrote in a recent social media post.
The trader accompanied his comment with a long-term monthly chart of XLM.
XLM price spikes nearly 7%
Brandts post comes as Stellar is enjoying some notable upward momentum.
XLM is currently trading at roughly $0.2233, up 6.9% over the past 24 hours. The token traded between $0.2071 and $0.2343 during the same period, meaning it briefly climbed more than 13% from the session low to the intraday high.
The rally has been boosted by some developments surrounding the Stellar ecosystem. On Sept. 22, stablecoin infrastructure provider BVNK announced that it had integrated Stellar into its payments platform. As reported by U.Today, Stellar has also recently added the USDT0 stablecoin.
Brandt's massive XLM chart
The monthly XLM/USDT chart stretches all the way back to the 2017-2018 cryptocurrency boom. It shows a huge descending trendline connecting the major historical peaks and extending through the 2021 and subsequent market cycles.
At the same time, Brandt draws an upward-sloping support line underneath XLM's long-term price action. Together, the two lines depict an enormous contracting structure that has developed over several years.
XLM remains well below the descending upper boundary.
Brandt's chart also displays a green horizontal marker around $1.17605 on the far right. The trader did not explicitly describe $1.176 as a price target in the accompanying post, so the level should not necessarily be interpreted as a formal prediction. However, its inclusion indicates that Brandt is watching substantially higher levels in his multi-year XLM setup.
Such a move would put XLM well above its current price near $0.22.