Closely followed cryptocurrency analyst Cantering Clark warned of the upcoming ‘short squeeze’ in an altcoin project closely followed by Turkish investors. Let’s take a look at the analyst’s expectations, keeping in mind that estimates are not precise.
Pay attention to this altcoin project prepared for short squeeze, “ATH can”
Cantering Clark warns of a newly launched altcoin on the Ethereum network. The crypto analyst recently told his followers that he closely followed the chart of the NFT platform Blur (BLUR). According to the analyst, investors are showing high demand for the ETH-based altcoin project. If BLUR gains upward momentum with this demand, it may start a violent upward movement. According to the analysis of Cantering Clark:
OKX is the leading exchange for BLUR in terms of volume and open interest. Funding is currently declining as open interest rises, just as it was at the start of the first leg, when people were hedged by the introduction of criminals. I believe there will be more short squeezes in the future.
Short squeeze occurs when short traders who borrow a crypto at a certain price in order to sell it at a lower price and pocket the difference are forced to buy back the borrowed assets as momentum shifts against them, causing more rally.
In other words, it is unusual that triggers rapidly rising prices in a stock or other investment such as crypto.
Short squeeze could lead to these levels in BLUR price
Cantering Clark believes it has the potential to reach ATH if the Blur price trades above $1 during the short squeeze. In some of the tweets, he explains his expectations as follows:
A break above $1 could result in a quick return to the ATH level. Currently, I believe holding high will result in a similarly measured move. It looks like a bull. $1.50 seems like a reasonable price.
BLUR is currently trading around 1.23 with ATH level well off $5.02. According to the analyst, short squeeze could have the potential to increase by around 300%. As for Ethereum, Cantering Clark believes it is possible for it to reflect the 2019 market structure, where it rose from under $100 to $400 and then dropped to $100.
Cantering Clark expects massive reversal in Ethereum price
According to the analyst’s chart, if Ethereum’s price action in 2019 repeats, ETH could rally above $2,000 before another major correction. cryptocoin.comAs you follow, Ethereum is trading around $1,700 as of February 20. It gained around 15% in value compared to last week. Meanwhile, the overall altcoin market, including Bitcoin, continues its upward momentum.
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