A widely followed analyst says one decentralized finance (DeFi) token built in the Ethereum (ETH) ecosystem may be gearing up for a massive breakout.
Pseudonymous analyst Credible Crypto tells his 466,000 followers on the social media platform X that Curve DAO (CRV) may increase more than 240% from its current value if it can break through a key resistance area.
“For those looking to buy a dip on CRV, on lower timeframes, we are approaching a key level of resistance on both USD and BTC pairings.
Identify this level (it’s easy enough to do on the four-hour chart) and understand that this region is the most likely place for this rally to the upside to end if the bottom isn’t already in. If we clear this region, it’s clear skies to $2+. As we push into this resistance zone, you want to be watching for a potential rejection.”
The trader says CRV needs to reclaim $0.67 in its USD pair (CRV/USD) to rally toward new local highs, while its key resistance level to break through against Bitcoin (CRV/BTC) is 0.00000633 BTC ($0.55).
“These are the aforementioned levels of interest on low timeframe for CRV. A clean re-claim of the red zone and we should quickly accelerate to new local highs. Lots of untapped local highs above us that are a draw to the upside.
We just need to clear local resistance and have some favorable developments on BTC (aka avoid a BTC nuke back down to low $80,000s). We successfully clear this zone and that is our confirmation that the bottom is in.”
CRV is trading for $0.58 at time of writing, up 10.2% in the last 24 hours.
Lastly, he warns that payments token XRP may be on the verge of a correction.
“I am calling for a drop on XRP and a pump on ETH and CRV. Not everything must move in the same direction at all times.”
XRP is trading for $2.33 at time of writing, down 2% in the last 24 hours.
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