Peter Brandt Names Stellar as Long-Term Crypto Pick Amidst Recent Price Surge

Veteran commodity trader Peter Brandt has identified Stellar ($XLM) as a long-term cryptocurrency worth watching. If you want to bet on a long shot (next few years), $XLM is a good pick, he said in a recent social media post.

The comment comes as Stellar is experiencing notable upward momentum. The token's price has spiked nearly 7% over the past 24 hours, reaching around $0.2233. It traded between $0.2071 and $0.2343 during this period, with a brief climb of more than 13% from its session low to intraday high.

This rally is attributed to recent developments within the Stellar ecosystem. Stablecoin infrastructure provider BVNK announced that it had integrated Stellar into its payments platform on September 22. Additionally, Stellar has added the USDT0 stablecoin in recent times.

Brandt's long-term monthly chart of $XLM displays a significant descending trendline connecting major historical peaks and extending through market cycles from 2017-2018 to 2021. He also draws an upward-sloping support line underneath $XLM's price action, depicting an enormous contracting structure over several years.

The chart shows that $XLM remains below the descending upper boundary. Brandt's chart includes a green horizontal marker around $1.17605 on the far right, indicating he is monitoring substantially higher levels in his multi-year setup for Stellar.