Altcoins
Trader Says Ethereum-Based Altcoin Ready for Double-Digit Surge, Updates Bitcoin Outlook, Dogwifhat
A widely followed cryptocurrency analyst and trader says that an Ethereum (ETH) could be poised for a double-digit rebound.
The analyst known by the pseudonym Credible Crypto tells his 403,900 followers on the social media platform X that CRVthe native token of stablecoin lending platform CurveDAO, could rise to $0.37, a gain of more than 24% from its current value.
The analyst says that several metrics suggest that 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 significant absorption. Both USD and BTC pairs of CRV have now printed a confirmed bullish divergence on D3 (day 3). 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 continues to swing in this low time frame where it is currently squeezed.”
Source: Credible Crypto/X
At the time of writing, CRV is trading at $0.2981, up 7.4% in the last 24 hours.
Next up is the analyst warns of correlation between Bitcoin (BTC) and memecoins like dogwifhat (Wife). He predicts that if Bitcoin drops by 15%, WIF could crash to $1.39, a 45% drop from its current value.
“Alts and especially memes are just higher betas of BTC. This means that on BTC bounces they will tend to bounce harder/stronger and on BTC dips they will tend to fall harder. The bounce here on WIF is nice, but we just pulled back to our range highs, made a lower high on higher timeframes and took some liquidity along the way, and left a triple bottom right below us. If BTC makes a 15% move towards our lows, many alts will fall much harder. For example, WIF is likely to follow with a 40% move down to reach those triple bottoms.”
Source: Credible Crypto/X
At the time of writing, WIF is trading at $2.54, up over 4% in the last 24 hours. Meanwhile, Bitcoin is trading at $66,719 at the time of writing, up 4.3% in the last 24 hours.
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