Top Trader Says Short Squeeze to All-Time High Imminent for New Ethereum-Based Altcoin
A carefully adopted crypto strategist thinks that quick squeezes are in sight for a newly launched altcoin operating on the Ethereum (ETH) blockchain.
In style crypto analyst Cantering Clark tells his 160,600 Twitter followers that he has his eye on Blur (BLUR), a non-fungible market venture.
Based on the analyst, merchants are betting in opposition to the ETH-based altcoin, opening the doorways for a violent transfer to the upside ought to BLUR collect bullish momentum.
“The main change by quantity and open curiosity for BLUR is OKX. Funding is at present going destructive as open curiosity builds much like the beginning of the primary leg, when individuals hedged with the introduction of perps.
Me thinks we’ve got extra squeezes forward.”
A brief squeeze occurs when merchants who borrow an asset at a sure worth in hopes of promoting it for decrease to pocket the distinction are compelled to purchase again the belongings they borrowed as momentum strikes in opposition to them, triggering additional rallies.
Within the case of BLUR, Cantering Clark believes the altcoin might surge to its all-time excessive so long as it trades above $1.
“Acceptance above $1 once more resulting in a fast transfer again to the all-time excessive. Proper now, I believe holding the excessive goes to result in the same measured transfer. The newest VWAP [volume weighted average price] is from the $1 break. Appears bullish. $1.50 appears affordable.”
At time of writing, BLUR is price $1.27, suggesting an upside potential of practically 300% if it reaches its all-time excessive of $5.02.
Taking a look at Ethereum itself, Cantering Clark says that it’s throughout the realm of risk that ETH may very well be mirroring its 2019 market construction when it managed to rally from beneath $100 to $400 previous to a correction again to round $100.
“Alright ETH heads, take successful of your pipe and listen to me out.
However strive to not fomo [fear of missing out]…
S Y M M E T R Y.”
Wanting on the dealer’s chart, he seems to recommend that ETH might rally above $2,000 earlier than one other main correction, ought to Ethereum mimic its 2019 worth motion.
At time of writing, ETH is price $1,677.
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