dailyhodl.com
A widely followed cryptocurrency analyst believes one (DeFi) token in the Ethereum (ETH) ecosystem is setting up for a push to higher levels.
The analyst pseudonymously known as Credible Crypto tells his 405,200 followers on the social media platform X that the native asset for the stablecoin-focused decentralized exchange Curve DAO ($CRV) is “going so much higher” after entities locked a total of 900 million $CRV.
“That’s nearly one-third of all $CRV that will ever exist (3.3 billion maximum supply) and 43% of existing supply.
Most will be locked in perpetuity.
That means one-third of all the $CRV that will ever exist (43% of current total supply) has essentially been ‘burned’ and taken off the market forever.”
$CRV is trading at $0.281 at time of writing.
Turning to Bitcoin ($BTC), the widely followed analyst sees the flagship crypto asset witnessing more downside moves.
“I don’t think this correction is over yet, but I do think we may be in for some relief. Ideal scenario below.”
Looking at the trader’s chart, he seems to predict that Bitcoin will bounce from current levels to $68,000 before correcting to as low as $56,000.
$BTC is trading at $61,278 at time of writing, down nearly 6% in the past day.
Next up is the dogwifhat ($WIF). The pseudonymous analyst says the canine-themed memecoin looks bearish after failing to flip resistance at around $2.40 into support.
“Back inside the range, now let’s rip the band-aid off.
To all the dogs out there, may the hat be $WIF you.”
Based on the trader’s chart, he seems to suggest that $WIF will fall below $1.20
$WIF is trading at $1.63 at time of writing, down over 15% in the past day.
Generated Image: Midjourney