A crypto analyst closely followed by the crypto community says that a massive 10x rally for an altcoin is much more likely than not.
The analyst, known by the alias Credible Crypto, has 267,000 Twitter followers, a decentralized finance (DeFi) platform. Curvethe management token of CRVHe estimates that . will reach $40, gaining roughly over 800 percent from current prices.
The analyst points out that Curve has more locked-in value (TVL) than any other DeFi protocol in the industry, with the majority of its supply locked on its platform for extended periods of time.
“From here, a 10x in CRV is not only possible, but probable. With $20 billion in TVL, more than 90 percent supply locked for nearly 4 years, and a technical breakdown of the 9-month backlog structure, that’s a conservative estimate for the foremost DeFi protocol in the space. Over $40 possible for CRV by end of cycle.”
At the time of writing, CRV is trading at $4.45, according to CoinGecko data.
Bitcoin (BTC) When it comes to it, Credible believes that the king cryptocurrency does not look very ideal in the short term. According to him, unless BTC retraces the $59,000 level, it may face more downside pressure.
“With the recent sales, the lower timeframes are no longer looking very interesting. If we want to continue up to 62-63k, we need to undo 59k for now. Until then, the bears are at work.”
Credible sees a similar situation unfold for Ethereum (ETH). The analyst says that ETH can break out of its last correction if it first breaks $4,385 and then retraces the $4,770 level.
“So far it has been denied. We can still get out of this, and if we do, we should still be cautious in the above region, but if we don’t, I’m glad I locked in some gains and now have the cash reserves to buy the dip.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.