dailyhodl.com
A closely followed crypto strategist says one under-the-radar decentralized finance altcoin looks ready for a big upside move.
Pseudonymous analyst Credible Crypto tells his 403,900 followers on the social media platform X that he’s bullish on the native asset of the decentralized exchange and automated market maker Convex Finance ($CVX).
The trader shares a chart suggesting that $CVX is primed to ignite a wave-three surge against the US dollar.
“I think an explosive move for $CVX is just around the corner.
With the $BTC pairing approaching major demand/support and the USD pairing already bouncing off of it – I think we are approaching a short window of outperformance on $CVX.
Targeting $4.70 to start.”
Credible practices the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave surge. According to the theory, wave three is the strongest and most impulsive wave of the rally.
Based on the trader’s chart, he appears to predict that $CVX’s wave three rally will push the coin toward the $4.40 level before a wave four pullback and a fifth wave surge at around $7.
At time of writing, $CVX is trading for $2.98, up nearly 25% in the past day.
Turning to $XRP, the analyst predicts one more leg down for the altcoin prior to a big breakout rally toward $1.
“For now, we are still in a ranging environment – but if we get $0.50 or below again (green zone) I’ll be interested in a potential trade.”
At time of writing, $XRP is worth $0.597.
As for Ethereum (ETH), Credible sees a scenario where the leading altcoin takes a dip below $2,800. But he notes that the correction will only take place if Bitcoin ($BTC) shows weakness.
“This still makes the most sense to me. Would need a correction on Bitcoin for this to happen though so let’s see what we get.”
At time of writing, Ethereum is trading at $3,471, up over 1% on the day.