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A widely followed crypto analyst believes one decentralized finance (DeFi) altcoin is gearing up for a massive breakout.
Pseudonymous crypto trader Credible Crypto tells his 434,600 followers on the social media platform X that the DeFi protocol Curve Finance/Bitcoin pair (CRV/BTC) is showing bullish divergence on the two-week chart.
A bullish divergence, which suggests price will start to increase, occurs when the price of assets records lower lows while indicators, such as the Relative Strength Index (RSI), a momentum oscillator indicator, are witnessing higher lows.
“Have been scalping CRV and shared most of those scalps here live over the last month and a half while I waited for this sweep on CRV/BTC and we have finally got it. With BTC likely locked in a range between $70,000-$90,000 for a few weeks I think it’s finally time for the big move I’ve been anticipating. I’ve longed CRV here, a move back to range highs on CRV/BTC (which is printing high timeframe bull divergence) is a 150% move to the upside which coincides with our second target of $0.58+.”
CRV/BTC is trading for 0.00000336 BTC ($0.2954) at time of writing, down 1.75% in the last 24 hours.
Next up, the analyst suggests Ethereum (ETH) may retest the $2,800 before soaring to the $4,000 range.
“Looking to catch an ETH long just under $2,800 up to the highs at $4,000+. ETH/BTC is back at my high timeframe area of interest so I think ETH will likely outperform BTC for a short window here while BTC ranges. Need around a ~10% pullback on BTC to get filled on ETH here.”
ETH is trading for $3,110 at time of writing, down 2.2% in the last 24 hours.
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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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