A widely followed crypto trader believes that one strong-performing Ethereum (ETH)-based altcoin is about to have a huge breakout.
Pseudonymous crypto analyst Bluntz tells his 223,000 Twitter followers that the price pattern of indexing protocol The Graph (GRT) indicates the potential of a 150% increase from its current value.
According to the trader, GRT broke out of an ascending triangle and also completed an Elliot Wave Theory three-wave correction pattern labeled A, B, and C.
“So many good setups out there that I’m liking, nice ascending triangle break out GRT 4-hour, plus huge abc looks complete on weekly timeframe as well, potential for this to do really well.”
Looking at his chart, the trader predicts The Graph will soon head to at least the $0.25 price level.
The Graph has soared in price since the start of the year, trading for around $0.05 in December 2022. At time of writing, GRT is worth $0.10, down 1.9% during the last 24 hours.
Also on the trader’s radar is the leading smart contract platform Ethereum.
According to Bluntz, ETH has broken out of a descending triangle and he predicts rally to the $2,400 level by July. He also notes that ETH is picking up strength against Bitcoin (BTC) on the ETH/BTC chart.
“ETH/BTC finally swept its major lows overnight which coincided with a bull flag break on daily USD pair. Time to get some ETH exposure here in my opinion, targeting new highs. Haven’t been this excited about crypto in months.”
Ethereum is worth $1,878 at time of writing, down 2% during the last 24 hours.
Lastly, Bluntz highlights how Bitcoin’s latest rally this week has erased its two-month-long move to the downside.
“It’s times like these we get reminded why crypto is the best asset class to trade, two months of downside BTC price action reclaimed in a single weekly candle.”
Bitcoin is trading for $30,022 at time of writing, down 0.4% in the past 24 hours.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney