A closely-followed crypto analyst and trader by the name of Smart Contracter is predicting that an Ethereum token is ready to erupt.
Smart Contracter reveals in a series of tweets decentralized finance (DeFi) protocol Ren just completed its corrective wave and it is now poised to restart its uptrend.
“Beautiful flush out/ stop run on REN. High timeframes and low timeframes are all telling me this is bottoming and wants to push to all-time highs. [I] have a sizeable bag again. Bullish invalidation $0.80.”
Ren is an open protocol that allows for transferring cryptocurrencies between blockchains. The project aims to make it easy for users to adopt and invest in decentralized finance. Users can move, swap, lend or borrow crypto assets without having to trust a third party.
Looking at the low timeframe, the Elliott Wave analyst believes Ren is gearing up for a breakout.
“Only a matter of time before Ren sends. This re-accumulation on 4-hour is looking real juicy.”
Elliott Wave theory is a method of technical analysis that attempts to predict future price action by identifying crowd psychology that manifests in waves.
The pseudonymous trader also tells his followers to buy more Ethereum (ETH) as he forecasts that the second-largest crypto will continue to rise in the coming months.
As of the late last month, ETH is already outperforming Bitcoin, contributing to the reduction of the king coin’s crypto market dominance from a high of 63% in March to below 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 is going to $3,000 and most of the large-cap cryptocurrencies will do 2-5x gains and most of the mid-cap cryptocurrencies will do 10-20x gains and all the small caps [will do] 50,100x gains.”
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Featured Image: Shutterstock/Pavel Chagochkin
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