A closely-followed crypto analyst and trader by the name of Smart Contracter is predicting that an Ethereum token is ready to erupt.
Smart Contracter reveals in a series of tweets decentralized finance (DeFi) protocol Ren just completed its corrective wave and it is now poised to restart its uptrend.
“Beautiful flush out/ stop run on REN. High timeframes and low timeframes are all telling me this is bottoming and wants to push to all-time highs. [I] have a sizeable bag again. Bullish invalidation $0.80.”
Source: Smart Contracter/Twitter
Ren is an open protocol that allows for transferring cryptocurrencies between blockchains. The project aims to make it easy for users to adopt and invest in decentralized finance. Users can move, swap, lend or borrow crypto assets without having to trust a third party.
Looking at the low timeframe, the Elliott Wave analyst believes Ren is gearing up for a breakout.
“Only a matter of time before Ren sends. This