A closely followed crypto analyst says that an enormous near-10X rally for one altcoin is more likely than not.
The pseudonymous analyst known as Credible Crypto tells his 267,000 Twitter followers that CRV, the governance token of decentralized finance (DeFi) platform Curve, is destined to reach $40, roughly an 811% gain from current prices.
The analyst points out that Curve has more total value locked (TVL) in its platform than any other DeFi protocol in the industry with the overwhelming majority of its supply locked up for long periods of time.
“A 10x on CRV from here is not only possible but probable. It’s a conservative estimate for the leading DeFi protocol in the space with $20B in TVL, 90+% supply locked for nearly 4 years, and a technical breakout of a 9-month accumulation structure. $40+ CRV by end of cycle.”
At time of writing, CRV is trading at $4.39.
Looking at Bitcoin, Credible says the king crypto is looking less-than-ideal in the short term. According to him, BTC may face more downward pressure unless it reclaims the $59,000 level.
“Low time frames not looking so hot anymore with that recent sell-off. Need to reclaim 59k for now if we want to continue up to 62-63k. Bears are in charge until then.”
Credible sees a similar situation unfolding for Ethereum as well. He says ETH can recover from its recent correction first by breaking through $4,385, and then reclaiming the $4,770 level.
“Rejection so far. We can still recover from this and if we do still need to err on the side of caution in the zone above, but if we don’t I am glad I locked in some gains and now have cash reserves to buy the dip.”
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Featured Image: Shutterstock/Kit8.net/Natalia Siiatovskaia