A popular cryptocurrency trader and analyst, Smart Contracter, predicts massive rallies for two altcoins in the decentralized finance (DeFi) space: Aave and SushiSwap.
Aave (AAVE)
The analyst shares with his 158.5K Twitter followers that decentralized lending and borrowing protocol Aave is one of the altcoins that could potentially make big waves in the coming months.
The pseudonymous trader is looking at Aave paired up with Ethereum (AAVE/ETH) as an indicator for what the asset could do in its USD pair.
“[..] looking at it paired against eth it looks like a huge bull flag thats going to rip 50%, if this is the case i can only assume the usd pair is going straight to ATH.”
$aave was my favourite project in defi summer and has treated me very well in the past, looking at it paired against eth it looks like a huge bull flag thats going to rip 50%, if this is the case i can only assume the usd pair is going straight to ATH. pic.twitter.com/iVSBezRAar
Smart Contracter refers Elliott Wave theory, a technical analysis approach that aims to predict price action by following crowd psychology that manifests in waves. Aave would complete its five-wave ascent to a new all-time high of around $700 by November, according to the analyst.
At time of writing, AAVE is trading at $413, according to CoinGecko data.
SushiSwap (SUSHI)
Smart Contracter is also looking at automated market maker SushiSwap (SUSHI). SUSHI has been cleanly turning its technical resistances into supports and could eventually break free of the pattern to reach new heights, he says.
“Sushi has been making clean SR [support-to-resistance] flips the whole way up, but I suspect there will come a point sometime soon where it breaks away and starts a proper mark-up and SR flips become a thing of the past.”
$sushi has been making clean SR flips the whole way up, but i suspect there will come a point some time soon where it breaks away and starts a proper mark-up and SR flips become a thing of the past. pic.twitter.com/nlDtWdfqdr
The analyst is also looking at SushiSwap’s charts pairing with Bitcoin (SUSHI/BTC). According to him, SUSHI/BTC is primed to challenge its 2021 high of around 0.000522, worth $24.8 at time of writing.
“Picture perfect bounce and bullish engulfing from that breakout retest. Sushi about to melt faces in my opinion.”
SUSHI/BTC is in the midst of a wave-three rally, which is the longest surge in the Elliot Wave theory’s five-wave uptrend, according to the analyst’s chart.
