A top cryptocurrency strategist that has gained a large following on social media after accurately calling bitcoin’s 2018 bear market bottom above $3,000, has revealed he sees the prices of Ethereum ($ETH), Fantom ($FTM), and The Graph ($GRT) surge in the near future.
In a series of tweets shared with his over 200,000 followers on the microblogging platform Twitter, pseudonymous analyst Smart Contracter revealed that Ethereum rival Fantom, an open-source smart contract platform that rivals ETH, has broken through a downtrend against USD and BTC to the point it’s “hard not to be looking for longs.”
Smart Contracter’s price prediction uses Elliott Wave theory, which according to Investopedia was developed by Ralph Nelson Elliott in the 1920s after he observed and identified “recurring, fractal wave patterns.”
These fractal wave patterns are based on the psychology of the masses. The Elliott Wave theory is usually interpreted based on five waves moving in the direction of a main market trend, which can be bullish or bearish, and by three corrective waves. The repetition of these patterns, theory suggests, allows the movements of asset prices to be predicted.
The theory is said to have gained notoriety when Elliott himself predicted the stock market bottom in 1935 after a 13-month correction.
Commenting on Ethereum, the analyst said it looks “hella bullish now,” and is an “absolute solid buy back heading into the close.” Ethereum, it’s worth noting, has risen 9.6% over the last 7 days to trade above $1,700 at the time of writing.
The analyst, as Daily Hodl reported, also looked at The Graph ($GRT), saying that it was a “clean ABC” pattern down on the weekly chart after a 5-wave rise.
As CryptoGlobe reported, GRT’s market capitalization surged above $1 billion earlier this year after the token’s price exploded. It surged after a report revealed GRT’s revenue stream from query fees has started surging over growing adoption rates.
According to Coinbase, The Graph is a protocol for “indexing and accessing blockchain data.” It “indexes blockchain records from networks like Ethereum in the same way that Google indexes the web.”
The protocol serves as a unifying and organizing entity for the decentralization movement by functioning as a global data layer that operates on top of blockchains and storage networks. Essentially, The Graph structures the data and facilitates its accessibility from the blockchain, serving as an integration layer for decentralized applications.
The Graph’s native cryptocurrency, $GRT, is an ERC20 token deployed on the Ethereum blockchain. It’s primarily utilized for assigning resources within the network and allows participants to stake and use GRT to preserve the network’s economic stability and ensure the accuracy of queried data.
Indexers, curators, and delegators who are actively contributing to the network can earn income from the network, depending on the extent of their involvement and GRT ownership.
The protocol was launched in July 2018 and has been offering a hosted service for Web3 and decentralized finance applications with over 2,900 subgraphs.
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