dailyhodl.com
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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