dailyhodl.com
A widely followed cryptocurrency analyst and trader says that one Ethereum (ETH)-based altcoin could be gearing up for a double-digit bounce.
The analyst pseudonymously known as Credible Crypto tells his 403,900 followers on the social media platform X that $CRV, the native token of stablecoin lending platform CurveDAO, could soar to $0.37, a more than 24% gain from the current value.
The analyst says several metrics suggest a $CRV breakout is imminent, including the token holding a key level around $0.26 as support.
“Holding the same level covered in my last tweet on $CRV and once again seeing some notable absorption. Both USD and $BTC pairings of $CRV have now printed confirmed bullish divergence on the D3 (day three). We also have a clear range here on $CRV and have already taken the lows. Put the three things above together and it makes sense to me that we go for the range highs now at $0.37 as long as $BTC keeps chopping about in this low timeframe range it’s currently sandwiched in.”
$CRV is trading for $0.2981 at time of writing, up 7.4% in the last 24 hours.
Next up, the analyst warns of a correlation between Bitcoin ($BTC) and memecoins like dogwifhat ($WIF). He predicts if Bitcoin declines 15%, $WIF could plummet to as low as $1.39, a 45% decline from the current value.
“Alts and especially memes are just higher beta versions of $BTC. Meaning, on $BTC bounces they will tend to bounce harder/stronger and on $BTC falls they will tend to fall harder. The bounce here on $WIF is nice, but we have just moved back to our range highs, making a lower high on higher timeframes and taking some liquidity on the way, and we’ve left a triple bottom right below us. If $BTC makes a 15% move down to our lows, many alts will fall much harder. $WIF for example is likely to follow with a 40% move back down of its own to take those triple lows.”
$WIF is trading for $2.54 at time of writing, up more than 4% in the last 24 hours. Meanwhile, Bitcoin is trading for $66,719 at time of writing, up 4.3% in the last 24 hours.
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