A prominent trader known for nailing Bitcoin’s bottom in 2018 is calling out six altcoins that he says are poised to rally.
Smart Contracter tells his Twitter following of 72,500 that decentralized finance (DeFi) aggregator yearn.finance (YFI) is high on his altcoin list.
The trader expects YFI to end its correction and shoot to around $33,000 – representing an increase of nearly 20% from its current price of $27,512.
“Just quietly…. YFI is looking so primed right now, fireworks soon.”
Another DeFi coin that’s on the trader’s list is lending protocol Aave. Smart Contracter says Aave is primed to surpass its all-time high of $94.68 after breaking out from two bullish patterns.
“Aave is really having a crack here, formed a nice IHS (inverse Head and Shoulders) on 4-hour and began to reaccumulate and now trying for a breakout. [I] am expecting fireworks this weekend, maybe a real run for all-time highs this time.”
Smart Contracter is also keeping tabs on decentralized exchange Uniswap (UNI). The trader expects UNI to print a 30-day high of $5.50 after breaking out from a bullish inverse head and shoulders pattern which suggests the resumption of the uptrend.
“There she blows mateys, UNI breakout.”
The crypto analyst is looking at asset collateralization platform saffron.finance (SFI) as well. Using Elliott Wave principles, which rely on the recognition of recurring wave patterns to predict the behavior of market participants, Smart Contracter predicts SFI will climb as high as $760 which represents growth of nearly 80% from its current price of $429.
“SFI looking REAALLLLLL juicy again here, added too my bags, clear 5 up and ABC down. I think it rips this weekend.”
Smart Contracter is also following the movements of non-inflationary ecosystem DefHold (DEFO) which he notes is flashing strong technical signals after breaking out from a bullish continuation pattern.
“DEFO looking promising here could start running this weekend. Chart looks nice community is active.”
Last on the trader’s list is SAND which is the utility token of blockchain gaming platform The Sandbox. Smart Contracter highlights SAND’s narrowing trading range which indicates the possibility of a breakout and a run-up from its current value of $0.050 to $0.075.
“Sand is still coiling and gearing up for a breakout, shouldn’t be too much longer [in my opinion].”
Overall, Smart Contracter believes that 2021 will be a crazy bullish year for the crypto industry, particularly for altcoins in the DeFi space.
“2021 is our year crypto fam, the sky is the limit, nothing but air above us now and I can’t even think about how insane the inevitable ensuing altseason will be or I’ll start hyperventilating.
One thing I am sure of though, it will be DeFi pulling the craziest gains.”
Although the trader is long-term bullish in crypto, he tells his followers to expect volatility.
“With parabolic rises come swift pullbacks. Load ze volatility.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/KeremGogus