Ethereum
Trader Says Ethereum-Based Altcoin Poised for Double-Digit Growth, Updates Outlook on Bitcoin and Dogwifhat
A widely followed cryptocurrency analyst and trader claims that Ethereum (ETHThe )-based altcoin could be gearing up for a double-digit rebound.
The analyst known by the pseudonym Credible Crypto tell her 403,900 followers on the social media platform X who CRVthe native token of stablecoin lending platform CurveDAO, could surge to $0.37, a gain of more than 24% from its current value.
The analyst says several indicators suggest a CRV breakout is imminent, including the token holding a key level around $0.26 as support.
“I am holding the same level as I discussed in my last tweet on CRV and am once again seeing notable absorption. CRV’s USD and BTC pairs have now posted a confirmed bullish divergence on the D3 (third day). We also have a clear range here on CRV and have already made the lows. Put the three things above together and it makes sense to me that we are bidding for the range highs now at $0.37 as long as BTC continues to move within this low time frame that it is currently sandwiched in.”
Source: Credible Crypto/X
CRV is trading at $0.2981 at the time of writing, up 7.4% in the last 24 hours.
Then the analyst warns of correlation between Bitcoin (Bitcoin) and memecoins like dogwifhat (Wireless). He predicts that if Bitcoin drops by 15%, WIF could fall as low as $1.39, a 45% drop from its current value.
“Altcoins and especially memes are just higher beta versions of BTC. This means that on BTC rallies they tend to rallies harder and on BTC falls they tend to fall harder. The bounce here on WIF is nice, but we just got back to our range tops, making a lower top on higher time frames and taking some liquidity along the way, and we left a triple bottom right below us. If BTC makes a 15% move down to our lows, many altcoins will fall much harder. WIF, for example, is likely to follow with a 40% move down to those triple bottoms.”
Source: Credible Crypto/X
At the time of writing, WIF is trading at $2.54, up over 4% in the last 24 hours. Meanwhile, Bitcoin is trading at $66,719 at the time of writing, up 4.3% in the last 24 hours.
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