A widely followed crypto analyst believes that a decentralized finance (DeFi) altcoin is gearing up for a massive breakthrough.
Pseudonymous crypto trader Credible Crypto tells his 434,600 followers on social media platform X that the DeFi protocol pair Curve Finance/Bitcoin (CRV/BTC) is showing a bullish divergence on the two-week chart.
A bullish divergence, which suggests that the price will begin to rise, occurs when asset prices make lower lows while indicators, such as the Relative Strength Index (RSI), an oscillator indicator of dynamic, experiencing higher lows.
“I’ve been scalping CRV and sharing most of those scalps here live over the last month and a half while I’ve been waiting for this sweep on CRV/BTC and we finally got it. With BTC likely stuck in a range between $70,000 and $90,000 for a few weeks, I think it’s finally time to make the big move I’ve been waiting for. I was longing for CRV here, a return to the highs of the CRV/BTC range (which prints a high bullish divergence over a period of time) is a 150% upward move which coincides with our second target of $0.58 +.
CRV/BTC is trading at 0.00000336 BTC ($0.2954) at the time of writing, down 1.75% in the last 24 hours.
Next, the analyst suggests that Ethereum (ETH) could retest $2,800 before climbing to the $4,000 range.
“I’m looking to catch a long ETH position from just below $2,800 to highs above $4,000. ETH/BTC is back in my high time frame area of interest, so I think ETH will likely outperform BTC for a short time here while BTC ranges. It takes about a 10% drawdown on BTC to fill on ETH here.
ETH is trading at $3,110 at the time of writing, down 2.2% in the last 24 hours.
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