Analyst: Curve (CRV) Forming A Bullish Setup, Chainlink (LINK) Ready To Rally
According to a widely followed crypto analyst and trader, known as Pentoshi, exchange liquidity pool Curve (CRV) is developing a bullish setup, while decentralized oracle network Chainlink (LINK) is ready to make a move up.
Curve (CRV)
Pentoshi shared with his 423,500 followers on Twitter that he closely following on Curve (CRV), the governance token of Curve Finance – decentralized exchange for stablecoins that uses an automated market maker (AMM) to manage liquidity.
CRV/BTC
CRV looks to be forming a bullish market structure against Bitcoin (CRV/BTC) as it keeps conquering higher highs (HH) and higher lows (HL), says Pentoshi.
“CRV powerful setup developing. Large volume gap above head with little to no resistance on multi-year range break. If price can flip this to support, should be a setup that accelerates with strong momentum to the upside. Playing the trigger. Second best next to red coin in my opinion.”
Looking at the chart above, a successful retest of 0.000095 BTC as support would be the key level to send CRV to the analyst’s target at 0.00016 BTC.
CRV/USD
Pentoshi also looks into CRV against the US dollar (CRV/USD), estimates that breaking resistance at $4.45 leve would trigger a surge to his target at $6.30.
Chainlink (LINK)
Regarding Chainlink (LINK), which has been on the down trend recently, according to the analyst, as long as it stays above a key support level against Bitcoin (LINK/BTC), it will climb up to his target at 0.00053 BTC.
“Sitting at yearly open + high timeframe support on BTC pair. Have a hard time believing it closes like this.
Will play this. Any close below on one week and I’ll cut it. Expecting a move towards magnet otherwise.”
