A crypto strategist who nailed Bitcoin’s collapse from $11,600 to $6,400 in 2019 says a long-forgotten altcoin is primed to explode and generate gains of over 40x.
In a new tweet, the trader known in the industry as Dave the Wave tells his 48,700 followers that ICON (ICX) is positioning to break out of a bullish pattern and print a new all-time high.
“Almost unchartable territory if price breaks upward here.”
ICON is a hybrid blockchain platform that allows enterprise blockchains to interact with public blockchains and vice versa. In addition, users can write codes and run smart contracts on the platform. Its native token ICX is used to make payments such as transaction fees incurred on the ICON blockchain.
Founded by 2017 by the South Korea-based Icon Foundation, the crypto asset took a nosedive from $13.16 in January 2018 to an all-time low of $0.01 in January 2020.
According to Dave’s chart, ICON has reversed its trend and it is now in the midst of a parabolic ascent that could take the crypto asset to $100.5. The move represents gains of 4,270% from its current price of $2.30.
Dave also explains why he prefers trading the US dollar pair instead of chasing gains in the BTC denomination, which is an unpopular position among crypto traders that wish to maximize their gains in terms of BTC.
“[BTC pair is] way more volatile against USD, which is what the trader is looking for. Plus, you are realizing profits (taking them off the table into real assets) by trading against USD not BTC. BTC/ Just sit on a core. Many that bought into the logic of alt/ btc pairs have missed big moves/ profits against USD.”
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