XLM might grow to be a ‘rock star’: Peter Brandt
Veteran dealer Peter Brandt says Stellar (XLM) could also be poised for a significant breakout.
- Symmetrical triangle. Goal worth: $1.51, if breakout confirms.
Brandt has shared a bullish chart displaying that XLM is at present within the means of forming a big symmetrical triangle. The token is now approaching the higher line of the triangle, that means that it might probably expertise a breakout within the close to future.
- New chief. XLM outperformed XRP in July rally.
XLM just lately managed to outperform the Ripple-linked XRP token in the course of the July rally. The 2 tokens are often put in the identical “psychological basket” on account of affiliation with billionaire Jed McCaleb (who co-founded Ripple and later pivoted to Stellar).
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August: traditionally a troublesome month for Bitcoin
Bitcoin’s worst month is 4 days away — will BTC break August curse?
- Worth historical past. BTC has closed August within the inexperienced solely 4 occasions within the final 13 years.
August is not precisely recognized for being an important month for Bitcoin (BTC). It has been over a decade now that the main cryptocurrency has been buying and selling on exchanges, and this month usually brings a number of the largest dips, regardless of how sturdy the development is.
Should you look again during the last 13 years, Bitcoin has solely closed August within the inexperienced 4 occasions. The remaining? It is principally crimson, with losses usually crossing into double-digit territory.
- 8.5% return. Regardless of latest power, August stays traditionally bearish.
Based on CryptoRank, the median August return is round -8.3%, and in some years, like 2011, 2014 or 2015, it obtained fairly ugly. Even in comparatively good years like 2022 and 2023, BTC noticed dips of 14% and 11.2% in August, respectively.
After a shaky begin, Bitcoin made a comeback, gaining nearly 30% in Q2, and in July it surged by a strong 10.3%. The worth construction appears to be stabilizing slightly than hitting its restrict.
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XRP reloading for subsequent transfer
After a loopy July run that just about hit $3.70, XRP is not completed but — a minimum of, not based on the chart. The worth has cooled off simply sufficient to reset the engine, and the every day Bollinger Bands now paint an image that leans extra towards continuation than collapse.
XRP is at present buying and selling at round $3.17, which is correct in the course of the vary. This implies that it is not simply drifting round randomly, however truly reloading.
- Upward momentum. Worth is hovering close to the 20-day transferring common
That center line, near the 20-day transferring common, usually acts like a heartbeat for tendencies: When worth stays above it after a robust rally, it often implies that the trail of least resistance remains to be upward. What’s attention-grabbing right here is that the higher band hasn’t rolled over — as an alternative, it has expanded all the best way as much as $3.79, which might imply a brand new problem on the high.
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