A widely known cryptocurrency analyst and trader says one of the Ethereum (ETH)-based altcoins could be preparing for a double-digit rally.
An analyst known by the pseudonym Credible Crypto told his 403,900 followers on social media platform X that the native token of stablecoin lending platform CurveDAO, CRV, could surge by more than 24% from its current value to as high as $0.37.
The analyst says several indicators suggest a CRV breakout is imminent, including the token holding a key level near $0.26 as support.
“We are holding the same levels as we covered in our last tweet on CRV, and once again we are seeing some notable absorption. Both the USD and BTC pairs of CRV have printed bullish divergences confirmed on D3 (Day 3). There is also a clear range in CRV and we have already made a low. Combining the above three, it seems reasonable to see a move towards the range high at $0.37 now as long as BTC continues to move in this lower time frame range that it is currently in.”
At the time of writing, CRV is trading at $0.2981, up 7.4% over the last 24 hours.
The analyst then warns about the correlation between Bitcoin (BTC) and memecoins like dogwifhat (WIF). He predicts that if Bitcoin falls by 15%, WIF could crash to $1.39, a 45% drop from its current value.
“Alts and especially memes are just higher beta versions of BTC. This means they tend to bounce stronger/more strongly when BTC bounces and drop harder when BTC drops. WIF bounce is nice, but we just got back to our range high, made a lower high on the higher time frames, gained some liquidity in the process, and left a triple bottom right below. If BTC were to drop 15% to our low, many alts would drop much harder. WIF for example would likely drop 40% to make a triple bottom.”
WIF is trading at $2.54 at the time of writing, up over 4% over the last 24 hours. Meanwhile, Bitcoin is trading at $66,719 at the time of writing, up 4.3% over the last 24 hours.
Don’t miss out on the latest news – subscribe to receive email notifications straight to your inbox.
Price check task
Follow us XFacebook and Telegram
Surfing the Daily Hodl Mix
 
Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are your responsibility and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.
Generated image: DALLE3