Popular cryptocurrency analyst and trader Michaël van de Poppe thinks one decentralized finance (DeFi) altcoin built on Ethereum (ETH) is primed for a breakout at the beginning of 2022.
Eight Global, Van de Poppe’s crypto education platform, notes in a new tweet that the Curve DAO Token (CRV) is currently printing a bullish market structure.
“CRV has a beautiful chart and is currently one of the better-looking coins. The USDT pair is making higher lows and higher highs, and it looks like it will make another attempt to break through the 1.618 fib level.”
CRV is the governance token for Curve Finance, a decentralized exchange for stablecoins that aims to ensure minimal slippage by attracting deep liquidity. The 74th-ranked crypto asset by market cap is trading at $5.43 at time of writing and is up 2.6% in the past 24 hours.
Van de Poppe’s target at $8.35 for CRV suggests that the coin has a potential upside of over 53% from its current price.
The crypto analyst also says in a new YouTube video that he’s still bullish on crypto overall.
“I’m still assuming that we are into a lengthening cycle which is going to cause a longer run on the markets to be happening in the coming year. As you know, I’m quite bullish on the markets.”
The crypto analyst, however, says that Bitcoin (BTC) needs to clear $49,400 for him to be bullish in the short-term on the top crypto asset again.
BTC is trading at $46,512.87 at time of writing and is down 2.43% in the past 24 hours.
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia