A widely followed cryptocurrency analyst believes one (DeFi) token in the Ethereum (ETH) ecosystem is setting up for a push to higher levels.
The analyst pseudonymously known as Credible Crypto tells his 405,200 followers on the social media platform X that the native asset for the stablecoin-focused decentralized exchange Curve DAO (CRV) is “going so much higher” after entities locked a total of 900 million CRV.
“That’s nearly one-third of all CRV that will ever exist (3.3 billion maximum supply) and 43% of existing supply.
Most will be locked in perpetuity.
That means one-third of all the CRV that will ever exist (43% of current total supply) has essentially been ‘burned’ and taken off the market forever.”
CRV is trading at $0.281 at time of writing.
Turning to Bitcoin (BTC), the widely followed analyst sees the flagship crypto asset witnessing more downside moves.
“I don’t think this correction is over yet, but I do think we may be in for some relief. Ideal scenario below.”
Looking at the trader’s chart, he seems to predict that Bitcoin will bounce from current levels to $68,000 before correcting to as low as $56,000.
BTC is trading at $61,278 at time of writing, down nearly 6% in the past day.
Next up is the dogwifhat (WIF). The pseudonymous analyst says the canine-themed memecoin looks bearish after failing to flip resistance at around $2.40 into support.
“Back inside the range, now let’s rip the band-aid off.
To all the dogs out there, may the hat be WIF you.”
Based on the trader’s chart, he seems to suggest that WIF will fall below $1.20
WIF is trading at $1.63 at time of writing, down over 15% in the past day.
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Generated Image: Midjourney