Home Ethereum Only a Matter of Time Before This Ethereum Token Blasts Off, According to Top Analyst

Only a Matter of Time Before This Ethereum Token Blasts Off, According to Top Analyst

5 min read

A closely-followed crypto analyst and dealer by the identify of Good Contracter is predicting that an Ethereum token is able to erupt.

Good Contracter reveals in a collection of tweets decentralized finance (DeFi) protocol Ren simply completed its corrective wave and it’s now poised to restart its uptrend.

“Lovely flush out/ cease run on REN. High timeframes and low timeframes are all telling me that is bottoming and desires to push to all-time highs. [I] have a sizeable bag once more. Bullish invalidation $0.80.”

Supply: Good Contracter/Twitter

Ren is an open protocol that permits for transferring cryptocurrencies between blockchains. The venture goals to make it straightforward for customers to undertake and put money into decentralized finance. Customers can transfer, swap, lend or borrow crypto belongings with out having to belief a 3rd get together.

Wanting on the low timeframe, the Elliott Wave analyst believes Ren is gearing up for a breakout.

“Solely a matter of time earlier than Ren sends. This re-accumulation on 4-hour is wanting actual juicy.”

Supply: Good Contracter/Twitter

Elliott Wave principle is a technique of technical evaluation that makes an attempt to foretell future value motion by figuring out crowd psychology that manifests in waves.

The pseudonymous dealer additionally tells his followers to purchase extra Ethereum (ETH) as he forecasts that the second-largest crypto will proceed to rise within the coming months.

As of the late final month, ETH is already outperforming Bitcoin, contributing to the discount of the king coin’s crypto market dominance from a excessive of 63% in March to under 56%.

Some analysts like Lark Davis say that Ethereum’s outperformance of BTC is a screaming indicator {that a} new altcoin rally has arrived.

“If Bitcoin dominance falls that far, then Ethereum goes to $3,000 and a lot of the large-cap cryptocurrencies will do 2-5x positive aspects and a lot of the mid-cap cryptocurrencies will do 10-20x positive aspects and all of the small caps [will do] 50,100x positive aspects.”

Do not Miss a Beat – Subscribe to get crypto e-mail alerts delivered on to your inbox

Comply with us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

Disclaimer: Opinions expressed at The Every day Hodl should not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual threat, and any loses you might incur are your accountability. The Every day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Every day Hodl an funding advisor. Please word that The Every day Hodl participates in affiliate internet marketing.

Featured Picture: Shutterstock/Pavel Chagochkin

Source link

Leave a Reply

Your email address will not be published.

Check Also

New "Elon Musk Club" crypto giveaway scam promoted via email – BleepingComputer

A brand new Elon Musk-themed cryptocurrency giveaway rip-off referred to as the “Elo…