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One of the lesser-known decentralized finance coins looks set for a major bullish move, says a closely-watched crypto strategist.
Anonymous 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 that suggests CVX is poised to spark a third wave of upside against the US Dollar.
“I think an explosive move for CVX is imminent.
With BTC approaching key demand/support and USD already bouncing off it – I believe we are approaching a short window of outperformance on CVX.
“The goal is $4.70 to start.”
Credible applies the Elliott Wave Theory, which states that bullish assets tend to rise in five waves. According to the theory, the third wave is the strongest and most explosive wave of the rise.
Based on the trader’s chart, he seems to expect that the CVX wave 3 rally will push the coin towards the $4.40 level before a wave 4 pullback and wave 5 rally around $7.
At the time of writing, CVX is trading at $2.98, up almost 25% from the previous day.
Convert to Ripple currencyThe analyst expects another drop for the altcoin before a major rally towards $1.
“Right now, we are still in a volatile environment – but if we get $0.50 or lower again (green zone), I would be interested in potentially trading.”
At the time of writing, XRP is worth $0.597.
As for Ethereum (Ethereum), Credible sees a scenario where the leading altcoin drops below $2,800. But he notes that a correction would only happen if Bitcoin (Bitcoin) shows weakness.
“This still makes the most sense to me. But it would take a correction in Bitcoin for that to happen, so let’s wait and see what we might get.”
At the time of writing, Ethereum is trading at $3,471, up over 1% on the day.
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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should conduct their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please note 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 purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl engages in affiliate marketing.
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