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The Daily Hodl
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One Forgotten Altcoin Developing Powerful Setup As Chainlink Positions for a Rally: Crypto Strategist

by Daily Hodl Staff
December 20, 2021
in Altcoins, Trading

A top crypto strategist and trader says that one under-the-radar altcoin is building a bullish setup as decentralized oracle network Chainlink gears up for a surge.

The trader known in the industry as Pentoshi tells his 423,500 Twitter followers that he’s keeping a close watch on Curve (CRV), the governance token of stablecoin-focused decentralized exchange Curve Finance.

According to the crypto strategist, CRV is forming a bullish market structure against Bitcoin (CRV/BTC) as it consistently prints higher highs and higher lows.

“CRV powerful setup developing. Large volume gap above head with little to no resistance on multi-year range break. If price can flip this to support, should be a setup that accelerates with strong momentum to the upside. Playing the trigger. Second best next to red coin (Avalanche/AVAX) in my opinion.”

Image
Source: Pentoshi/Twitter

According to Pentoshi, a successful retest of 0.000095 BTC ($4.43) as support would be the trigger for a surge to his target at 0.00016 BTC, worth $7.47.

Looking at CRV against the US dollar (CRV/USD), the crypto trader predicts that the breach of resistance at $4.45 would start a rally en route to his target at $6.30.

Image
Source: Pentoshi/Twitter

As for Chainlink (LINK), Pentoshi says that as long as it trades above a crucial level against Bitcoin (LINK/BTC), the pair will rally to his target at 0.00053 BTC ($24.77).

“Sitting at yearly open + high timeframe support on BTC pair. Have a hard time believing it closes like this.

Will play this. Any close below on one week [support] and I’ll cut it. Expecting a move towards magnet otherwise.”

Image
Source: Pentoshi/Twitter

Looking at Pentoshi’s chart, LINK/BTC must stay above support at 0.00038 BTC ($17.78) for a shot at a 40% ascent.

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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.

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