A crypto strategist known for accurately predicting the Bitcoin 2018 bear market bottom is listing seven decentralized finance (DeFi) tokens that he believes are poised to explode.
The pseudonymous analyst known as Smart Contracter says Aave (AAVE) is a high-conviction bet as he believes the DeFi asset is set to break out from a bullish pattern.
“Admittedly, I’m still unsure on BTC at the moment, I can make a case for both sides. However, a lot of major DeFi projects I am very bullish on and have a lot more confidence in longs.
Aave for example is gearing up to break this ascending triangle any time now.”
The crypto strategist relies on the Elliott Wave Theory, which seeks to identify recurring wave patterns to predict the behavior of market participants. Based on Aave’s trajectory, Smart Contracter believes that the DeFi darling will surge over 60% within the next two weeks.
“AAVE going parabolic soon. You’ve been given ample warning last chance to hop on before the run to all-time high.”
The analyst also takes his prediction a step further, saying Aave will erupt to a minimum of $150 by early next year, representing growth of over 100% from its current price of $74 in about two months.
“$150 dollah for AAVE is inevitable. Once we clear that $90 resistance, price discovery will begin. I’ll say $150 for the lols but i think it could go much, much higher than that.”
Smart Contracter is also looking at a select group of additional DeFi assets which he believes would perform well against Bitcoin (BTC).
He says Synthetix (SNX/BTC), Sushi (SUSHI/BTC), Uniswap (UNI/BTC), PowerPool (CVP/BTC), and yearn.finance (YFI/BTC) all have the potential to print 100% gains.
Looking at PowerPool against the US dollar, Smart Contracter predicts that CVP/USD would end its downtrend once the pair breaches key resistance level.
“Powerpoolcvp CVP now taking a stab at the second major resistance at $3.3. Above that and it’s literally clear skies ahead.”
The Elliottician is also keeping an eye on Ampleforth’s marketcap, which he believes will likely post a new all-time high before 2020 expires.
“MAKE REBASE GREAT AGAIN! AMPL now plus 41%. pro tip, chart marketcap, not price. Ponzi round 2 now underway.”
Meanwhile, Smart Contracter is bearish on the US Dollar Index. He says the DXY remains in a downtrend and that’s good news for Bitcoin.
“I think the DXY is still macro bearish and anyone saying otherwise is tripping balls.
IMO, we go sideways and consolidate before taking out the 91 and making new lows. In the big scheme of things, this is good for BTC. However, we will have dips along the way.”
Via The Daily Hodlby