Trader Says Ethereum-Based Altcoin Primed To Surge by Double Digits, Updates Outlook on Bitcoin and dogwifhat
dailyhodl.com 20 July 2024 11:56, UTC 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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