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.”
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.
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.”
Looking at Pentoshi’s chart, LINK/BTC must stay above support at 0.00038 BTC ($17.78) for a shot at a 40% ascent.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/Giovanni Cancemi/Vladimir Sazonov