The analyst known as Credible Crypto did two analyzes earlier this week. First, he highlighted the CRV token, from the decentralized finance (DeFi) platform Curve Finance. According to him, altcoin has the potential to reach US$ 40, which would increase by 800% compared to the current price.
The second analysis was on the price of BTC, which needs to recover a new price level. Otherwise, the cryptocurrency must still come under strong selling pressure.
Finally, Credible Crypto gave insights into the price of Ethereum, which could rise by 10% and renew its highs. For that, the cryptocurrency needs to break through an important resistance.
BTC Stagnant Before $59,000
The price of BTC remains stagnant in a region between $57,000 and $55,000 – the new main support. According to the analyst, the cryptocurrency may resume its rally, but it needs to break through the US$59,000 resistance.
While the breakout doesn’t happen, the BTC must face another lateralization. If, however, there is an attempted breakout followed by a failure, then the market may see more selling pressure.
“Low time frames not looking so hot anymore with that recent sell-off. Need to reclaim 59k for now if we want to continue up to 62-63k. Bears are in charge until then.” said Credible Crypto.
That is, the price has to break above the green bar on the chart for the uptrend to continue. Any failure that brings you below the beige bar can result in new fixes.
Ether and the quest for $4,700
The case of ETH is the same as registered with the BTC. For the analyst, the second cryptocurrency will be in the recovery zone if the price breaks US$ 4,385.
At the time of writing, an ETH is worth US$4,338. Therefore, it only takes a consolidated increase of another $50 and the positive trend will resume.
If this move is confirmed, ETH will gain strength and then recover the level of US$4,770. This value would not only represent the resumption of the maximum values, but would also represent an appreciation of 10% compared to the current price.
“Rejection so far. We can still recover from this and if we do still need to err on the side of caution in the zone above, but if we don’t I am glad I locked in some gains and now have cash reserves to buy the dip.” explained the analyst.
CRV: exponential valuation
Finally, the analyst’s biggest bet is on the DeFi market, specifically on the CRV token. According to Credible Crypto, the CRV could hit $40 soon. If that happens, the token would gain about 800% value compared to its current price (U$4.78).
As a way to support his argument, the analyst highlights the strong growth of Curve. The protocol is the second largest in the DeFi market in terms of allocated value, with US$ 15.6 billion, according to the Defi Pulse. In addition, much of this supply is blocked for at least the next four years, giving CRV a temporary market shortage.
“A 10x on CRV from here is not only possible but probable. It’s a conservative estimate for the leading DeFi protocol in the space with 20B in TVL, 90+% supply locked for nearly 4 years, and a technical breakout of a 9 month accumulation structure. $40+ CRV by end of cycle.” predicted the analyst.