Closely-followed analyst and trader Scott Melker believes one decentralized finance (DeFi) crypto asset may be poised to generate nearly 6x gains as it begins to flash signs of strength against Bitcoin (BTC).
In a new tweet, Melker highlights that yield aggregator yearn.finance (YFI) may be gearing up to ignite a massive bull rally against Bitcoin (YFI/BTC) after ending its downtrend spanning seven months.
“YFI idea.”
According to the trader’s chart, YFI/BTC may have carved out a bottom after bouncing from 0.6 and converting the previous diagonal resistance into support. The trader expects the pair to convert key levels 0.84, 1.10, and 1.65 into support en route to an all-time high of above 5.00. The move represents potential gains of over 470% from YFI’s current value of 0.87 against Bitcoin.
As for Bitcoin, the trader expects the largest crypto asset to break out of the descending channel and reclaim $64,000 before skyrocketing to a new all-time high of $70,000.
“BTC idea.”
In addition to yearn.finance and Bitcoin, the crypto strategist is looking at Cardano (ADA). Melker predicts that the smart contract platform is primed to break out of an ascending triangle and climb all the way to $2.20 for gains of over 50% from its current price of $1.44.
“ADA idea.”
Another coin on Melker’s radar is Binance Coin (BNB). The trader sees the exchange token tapping support of $460 before igniting the next phase of its bull rally and surging to an all-time high of $800.
“BNB idea.”
Featured Image: Shutterstock/GrandeDuc