A widely followed crypto analyst is predicting a massive surge for one little-known altcoin and updating his outlook on Binance Coin (BNB) and Ethereum (ETH).
The pseudonymous trader known as Crypto Capo tells his 536,000 Twitter followers that he expects ETH-based Reserve Rights (RSR), which facilitates the stability of stablecoin Reserve Token (RSV), to spark a 165% rally.
“Bought some RSR after the deviation below the blue level. Mainnet almost complete.”
The trader’s charts indicate that he believes RSR will spike to $0.017 before crashing down to its lowest level in a year. He also mentions the token’s mainnet, which is 99% complete.
RSR is moving for $0.0064 at time of writing.
The analyst then turns his attention to BNB, the native asset of Binance, the world’s largest crypto exchange platform by volume. He says he expects BNB to rise to $297.50, a 10.2% increase from its current price of $298.98, before also crashing down to its July levels.
“Move down from the top of wave A looks 3 wavy, so after the deviation it’s probably a flat pattern. Top of the wave C would be 1:1 of A. Target = $297.50.”
Crypto Capo concludes his analysis by turning his attention to ETH, saying that the leading smart contract platform is bouncing from a key support level and should offer a good risk-to-reward ratio for investors.
“Bouncing from key support with some regular bullish divergences. First TP [take profit] is the neckline of the H&S [head and shoulders pattern], offering a good risk reward.”
ETH is changing hands for $1,272, a 5% dip on the day.
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Featured Image: Shutterstock/ValDan22
