A extensively adopted cryptocurrency analyst and dealer says that one Ethereum (ETH)-based altcoin could possibly be gearing up for a double-digit bounce.
The analyst pseudonymously often called Credible Crypto tells his 403,900 followers on the social media platform X that CRV, the native token of stablecoin lending platform CurveDAO, might soar to $0.37, a greater than 24% achieve from the present worth.
The analyst says a number of metrics counsel a CRV breakout is imminent, together with the token holding a key stage round $0.26 as assist.
“Holding the identical stage coated in my final tweet on CRV and as soon as once more seeing some notable absorption. Each USD and BTC pairings of CRV have now printed confirmed bullish divergence on the D3 (day three). We even have a transparent vary right here on CRV and have already taken the lows. Put the three issues above collectively and it is smart to me that we go for the vary highs now at $0.37 so long as BTC retains chopping about on this low timeframe vary it’s presently sandwiched in.”
CRV is buying and selling for $0.2981 at time of writing, up 7.4% within the final 24 hours.
Subsequent up, the analyst warns of a correlation between Bitcoin (BTC) and memecoins like dogwifhat (WIF). He predicts if Bitcoin declines 15%, WIF might plummet to as little as $1.39, a forty five% decline from the present worth.
“Alts and particularly memes are simply larger beta variations of BTC. Which means, on BTC bounces they’ll are likely to bounce more durable/stronger and on BTC falls they’ll are likely to fall more durable. The bounce right here on WIF is good, however now we have simply moved again to our vary highs, making a decrease excessive on larger timeframes and taking some liquidity on the way in which, and we’ve left a triple backside proper under us. If BTC makes a 15% transfer all the way down to our lows, many alts will fall a lot more durable. WIF for instance is more likely to comply with with a 40% transfer again down of its personal to take these triple lows.”
WIF is buying and selling for $2.54 at time of writing, up greater than 4% within the final 24 hours. In the meantime, Bitcoin is buying and selling for $66,719 at time of writing, up 4.3% within the final 24 hours.
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