A closely watched crypto analyst believes decentralized finance (DeFi) altcoin Curve (CRV) seems poised for a massive burst to the upside.
Pseudonymous analyst Credible tells his 336,900 Twitter followers that decentralized exchange Curve Finance’s governance token is now in the midst of a wave three surge that could see the altcoin print up to 1,092% in gains.
“CRV with a nice break out of our $1 level. We are on our way.”
Credible practices Elliott Wave Theory, a technical analysis approach that attempts to predict future price action by following the psychology of market participants that tends to manifest itself in waves. According to the theory, a bullish asset goes through a five wave uptrend with wave three igniting the strongest wave.
Looking at the chart of Credible, he predicts that the wave three rally could drive the CRV as high as $13. He also says that CRV’s relative strength indicator, which tracks an asset’s momentum, has never been overbought on the weekly chart, suggesting that the “biggest moves for the coin are yet to come.”
At time of writing, CRV changes hands for $1.09
As for Bitcoin (BTC), Credible believes that the king of cryptocurrencies still has more room to grow on the upside despite its strong performance this year.
“This doesn’t look like the end of our rally yet. Local price action looks like a consolidation before we continue our pump to $25,000.”
At the time of writing, Bitcoin is trading in hands for $23,105.
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