2021-08-15 17:56:39

Is It DeFi Season? Top Trader Predicts Two Altcoins From Hot Crypto Sector Will Blast Off

A closely followed crypto trader, known in the industry as Smart Contracter, is predicting giant rallies for two altcoins in the decentralized finance (DeFi) space.

The pseudonymous trader tells his 158,500 Twitter followers that decentralized lending and borrowing protocol Aave is one of the altcoins that could potentially surge in the coming months.

 

Smart Contracter says he’s looking at Aave paired up with Ethereum (AAVE/ETH) as an indicator for what the asset could do in its USD pair.

“Looking at USD pair if AAVE/ETH rips 50% out of this big bull flag on daily, the USD pair probably already in an extended wave 3 en route to all-time highs.”

Source: Smart Contracter/Twitter

The trader relies on the Elliott Wave theory, a technical analysis approach that aims to predict price action by following crowd psychology that manifests in waves. According to the trader’s chart, Aave would complete its five-wave ascent to a new all-time high of around $700 by November.

At time of writing, AAVE is trading at $411, according to CoinGecko.

The trader also has his eye on automated market maker SushiSwap (SUSHI). According to Smart Contracter, SUSHI has been cleanly turning its technical resistances into supports and could eventually break free of the pattern to reach new heights.

“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.”

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Source: Smart Contracter/Twitter

The crypto trader is also watching SushiSwap’s pairing with Bitcoin (SUSHI/BTC). According to Smart Contracter, SUSHI/BTC is primed to challenge its 2021 high of around 0.000522, worth $24.71 at time of writing.

“Picture perfect bounce and bullish engulfing from that breakout retest. Sushi about to melt faces in my opinion.”

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Source: Smart Contracter/Twitter

According to the trader’s chart, 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.

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Featured Image: Shutterstock/cobalt88

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