One Altcoin Is Now Mirroring Pre-Breakout Patterns of Cardano, Algorand and Bitcoin, Says Crypto Analyst
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A popular crypto strategist says one decentralized finance altcoin is mimicking the patterns of other crypto assets right before they broke out.
The pseudonymous crypto analyst known as Pentoshi tells his 429,500 Twitter followers that Curve Dao Token (CRV) looks like a “coiled spring wound tight.”
CRV is the governance token for Curve Finance, a decentralized exchange for stablecoins that aims at ensuring minimal slippage by attracting deep liquidity.
Pentoshi indicates he’s seeing a pattern on the Curve/Bitcoin (CRV/BTC) chart where CRV starts making higher highs and higher lows right as it breaks into a volume gap, which is the space between the recent highs and the highs from a long time ago.
“Chart. Clean, multi-year level with HH + HL compression into vol gap”
The 74th-ranked crypto asset by market cap is trading at $5.09 at time of writing, up 9.43% in the past 24 hours. CRV is also trading at a nearly identical level to where it was priced one month ago.
The analyst then compares CRV’s chart to the shape of previous rallies made by scalable smart contract platform Algorand (ALGO), proof-of-stake blockchain Cardano (ADA) and leading crypto Bitcoin.
ALGO is trading at $1.62, down 1.12% on the day while ADA is priced at $1.34, up 2.80% over the last 24 hours. BTC is exchanging hands at $48,606.50, down 1.82% at time of writing.
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Featured Image: Shutterstock/LayerAce.com/Vladimir Sazonov
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