A prominent crypto strategist says one under-the-radar decentralized finance altcoin appears ready for a major rally.
Credible Crypto, an anonymous analyst, told his 403,900 followers on social media platform X that he is bullish on the underlying asset of decentralized exchange and automated market maker Convex Finance (CVX).
The trader shares a chart showing that CVX is poised to trigger a third surge against the US Dollar.
“I think an explosive move for CVX is right around the corner.
I think CVX is likely to outperform in the short term as the BTC pairing is approaching major demand/support and the USD pairing is already bouncing off of it.
The starting price is $4.70.”
Credible practices Elliott Wave theory, which states that bullish assets tend to have a 5-wave surge. According to this theory, wave 3 is the strongest and most impulsive wave in a rally.
Based on the trader’s chart, he seems to be predicting a three-wave rally in CVX that will take the coin to the $4.40 level, followed by a four-wave pullback and a five-wave surge near $7.
At the time of writing, CVX is trading at $2.98, up about 25% over the past day.
The analyst predicted that XRP would see further declines before making a significant move towards $1.
“It’s still a range-bound environment right now, but if it breaks back below $0.50 (the green zone), there would be interest in potential trades.”
At the time of writing, XRP was worth $0.597.
For Ethereum (ETH), Credible sees a scenario where the leading altcoin drops below $2,800. However, he notes that a correction would only occur if Bitcoin (BTC) also weakens.
“This still makes the most sense to me, but it would require some changes to Bitcoin for this to happen, so we’ll see what happens.”
At the time of writing, Ethereum is trading at $3,471, up more than 1% on the day.
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