A closely-followed trader and analyst known in the industry as Smart Contracter says five altcoins are poised to breakout and reignite their bullish momentum.
In a new tweet, the trader tells his 148,600 followers that he’s looking at altcoins in the decentralized finance (DeFi) space including automated market maker SushiSwap (SUSHI), lending and borrowing protocol Aave, derivatives trading platform Synthetix (SNX), and decentralized exchange Curve Finance (CRV).
According to Smart Contracter, the four crypto assets will likely outperform Bitcoin (BTC) and Ethereum (ETH) in the coming days.
“DeFi alts perking up the most here. In my opinion, SUSHI, Aave, Synthetix (SNX), Curve (CRV), etc… Not going got lie, looking a tad more bullish than BTC and ETH. Maybe these pop while the latter range for another day or two?”
Looking at CRV, the trader says he’s “irresponsibly long” on the DeFi coin as he believes it is poised to skyrocket to $10, representing gains of over 250% from its current value of $2.85.
“The CRV/USD chart looks ready now too, clean ABC down after five up on weekly timeframe, plus now we have a narrative to go along with the technicals.”
Another DeFi altcoin on the trader’s radar is decentralized lending protocol CREAM Finance (CREAM). The crypto strategist eyes a 50% move for CREAM from its trading price of $171.06 to his target of $260.
“CREAM holding up like a champ. Of all the DeFi coins, this is looking like CRV with a wave three up probably underway. DeFi looks impulsive in my honest opinion.”
Smart Contracter relies on the Elliott Wave theory, a form of technical analysis that predicts future price action based on the psychology of market participants that manifests in waves.
As for Bitcoin, Smart Contracter predicts that the leading crypto asset is almost ready to make its decision after weeks of consolidation.
“Almost at peak contractions in declining volume. Should be decision time in the next 48 hours. BTC.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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