A widely followed crypto analyst believes a decentralized finance (DeFi) altcoin is gearing up for a massive breakout.
Pseudonymous crypto trader Credible Crypto tells According to its 434,600 followers on social media platform
A bullish divergence, which signals that the price will rise, occurs when the price of an asset records lower lows while indicators, such as the Relative Strength Index (RSI), a momentum oscillator indicator, witness higher lows.
“I’ve been scalping CRV and sharing most of those scalps live here for the past month and a half while 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 for the big move I’ve been anticipating. I’ve been longing for CRV here, a move back to the highs on CRV/BTC (which produces a high timeframe bull divergence) is a 150% move to the upside, 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.
Then the analyst suggests Ethereum (ETH) could retest $2,800 before rising to $4,000.
“I’m looking to long ETH from just under $2,800 to the highs of $4,000+. ETH/BTC is back in my high time frame of interest, so I think ETH will likely outperform BTC here for a short period of time, while BTC remains close. It would take a pullback of about 10% on BTC to match 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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