A closely tracked cryptanalyst and trader named Smart Contracter predicts that the Ethereum token is ready to explode.
Smart Contracter Reveals Decentralized Finance (DeFi) Protocol in a Series of Tweets, Ren simply completed its a corrective wave and now it is ready to resume the uptrend.
“Great flush / stop at REN. HOURHigh timeframes and low timeframes tell me that this is the bottom and we want to hit record highs. [I] get a big bag again. BUllish void $ 0.80. “
Ren is an open protocol that allows cryptocurrency to be transferred between blockchains. The project aims to make it easier for users to implement and invest in decentralized finance. Users can move, exchange, borrow or borrow cryptoassets without trusting a third party.
Looking at the lower timeframe, an Elliott Wave analyst thinks Ren is preparing for a breakout.
“It’s only a matter of time before Ren sends. This re-accumulation in 4 hours looks very juicy. “
Elliott Wave Theory is a technical analysis technique that attempts to predict future price action by defining the crowd psychology that appears in the waves.
The pseudonymous trader also He speaks his followers are buying more Ethereum (ETH) as he predicts the second largest cryptocurrency will continue to grow in the coming months.
As of the end of last month, ETH already outperforms Bitcoin, helping to reduce the dominance of the cryptocurrency market for the royal coin from a high of 63% in March to less than 56%.
Some analysts, such as Lark Davis, say that Ethereum’s dominance over BTC is a flashy indicator that a new rally in altcoins is underway.
“If bitcoin dominance falls that far, Ethereum will rise to $ 3,000, and most large cap cryptocurrencies will bring 2-5x gains, while most mid-cap cryptocurrencies will bring 10-20x gains and all small caps. [will do] An increase of 50 to 100 times. “
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