A high-profile cryptocurrency strategist believes a short squeeze is in sight for newly launched altcoins running on the Ethereum (ETH) blockchain.
Popular cryptocurrency analyst Cantering Clark tells his 160,600 Twitter followers that he is eyeing an irreplaceable market project, Blur (BLUR).
Analysts say traders are betting on ETH-based altcoins, opening the door to a violent upward move if BLUR picks up bullish momentum.
The top exchange for BLUR in terms of volume and open interest is OKX. Funding is currently negative as open interest is building up as well as the start of the first leg where people hedged with the introduction of perpetrators.
I think we have more squeezes. ”
The short squeeze caused a further rally as traders who borrowed assets at a particular price in the hope of selling them at a lower price and earning the difference were forced to buck the momentum and buy back the borrowed assets. Occasionally occurs.
In the case of BLUR, Cantering-Clark believes that as long as the altcoin continues to trade above $1, it could surge to all-time highs.
If it crosses $1 again, it will quickly return to all-time highs. [volume weighted average price] From the $1 break. looks bullish. $1.50 seems reasonable. “
At the time of writing, BLUR is worth $1.27, suggesting an almost 300% upside potential if it hits an all-time high of $5.02.
Cantering Clark said that looking at Ethereum itself, ETH may reflect the market structure of 2019 when it rebounded from below $100 to $400 before correcting around $100. I’m here.
“Okay head of ETH, hit the pipe and listen to me.
But please don’t fomo [fear of missing out]
SYMMETR Y.”
Looking at the trader’s chart, he seems to suggest that Ethereum could rise above $2,000 if it mimics 2019 price action.
At the time of writing, ETH is worth $1,677.
Don’t miss a beat subscribe to get encrypted email alerts delivered straight to your inbox
Price action confirmation
Please follow us twitter, Facebook and telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/YanaBu