Altcoins
Trader predicts explosive move for DeFi altcoin, updates outlook on XRP and Ethereum
A widely followed crypto strategist says an under-the-radar decentralized finance altcoin looks poised for a big move higher.
Pseudonymous analyst Credible Crypto tells his 403,900 followers on social media platform X that he is bullish on the native asset of decentralized exchange and automated market maker Convex Finance (CVX).
The trader shares a chart suggesting that CVX is poised to trigger a third wave of gains against the US Dollar.
“I think an explosive movement for CVX is imminent.
With BTC approaching major demand/support and USD already bouncing off it, I believe we are approaching a short window of outperformance on CVX.
“I’m aiming for $4.70 to start.”
Source: Crypto/X Credible
Credible practices Elliott Wave Theory, which states that a bullish asset tends to experience a five-wave surge. According to the theory, the third wave is the strongest and most impulsive wave of the rally.
Based on the trader’s chart, he seems to predict that CVX’s third wave rally will push the coin towards the $4.40 level before a fourth wave pullback and a fifth wave surge around $7.
At the time of writing, CVX is trading at $2.98, up nearly 25% from the previous day.
Change to XRPAnalyst predicts further downside for altcoin before major breakout rally towards $1.
“For now, we are still in a fluctuating environment, but if we get back to $0.50 or below (green zone), I will be interested in a possible trade.”
Source: Crypto/X Credible
At the time of writing, XRP is worth $0.597.
As for Ethereum (ETH), Credible sees a scenario in which the leading altcoin drops below $2,800. But he notes that the correction will only occur if Bitcoin (Bitcoin) shows weakness.
“That makes the most sense to me. It would take a correction in Bitcoin for that to happen, so let’s see what we get.”
Source: Crypto/X Credible
At the time of writing, Ethereum is trading at $3,471, up more than 1% on the day.
Don’t miss a thing – Subscribe to receive email alerts directly to your inbox
Check Price action
follow us on X, Facebook And Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image generated: Midjourney