On Twitter, popular crypto analyst Pentoshi says that while decentralized oracle network Chainlink is poised for a surge, an altcoin project that hasn’t been under the radar is poised to rise. Let’s take a quick look at Pentoshi’s latest analysis.
Analyst identifies critical levels in altcoin LINK and CRV
The pseudonymous analyst, known as Pentoshi, says he is keeping a close eye on Curve (CRV), the management token of stablecoin-focused DEX platform Curve Finance. According to the crypto analyst, CRV is forming a bullish market structure against Bitcoin (CRV/BTC) as it constantly forms higher highs (HH) and higher lows (HL). Pentoshi shares and interprets the following technical chart for the CRV:
CRV shows a strong setup. A high volume gap has formed with little or no resistance from the multi-year December breakout. If the price can turn support here, it should be an upward accelerating setup with strong momentum. I think CRV is the second best choice after AVAX.
- The analyst thinks that the resistance band marked with the dot in the figure below has been reached with the ascending trend, but the volume is missing, and the CRV may rise after turning it to support.
cryptocoin.com A successful retest of 0.000095 BTC ($4.43) as support will be a trigger for an increase to its target of 0.00016 BTC at $7.47, according to Pentoshi, whose analysis we shared. Looking at the CRV against the Dollar (CRV/USD), the analyst predicts that a break of the $4.45 resistance will initiate a rally on its way to its target of $6.30.
Chainlink price analysis
As for Chainlink (LINK), Pentoshi says the pair will hit its target at 0.00053 BTC ($24.77) as long as it trades above a critical level against Bitcoin (LINK/BTC):
The BTC pair is positioned at the annual open + high timeframe support. I have a hard time believing it closed like that. If it closes below the weekly support band, I will exit. Otherwise I expect a movement towards the magnet.
- Looking at Pentoshi’s chart, LINK/BTC should stay above support at 0.00038 BTC (17.78 ddollar) for a 40% rise. The analyst then expects a rise to the $24.91 (magnet) band he marked on the chart below.
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