Trader Predicts Explosive Move Imminent for DeFi Altcoin; Provides Outlook on XRP and Ethereum
A popular crypto strategist has suggested that an underrated decentralized finance altcoin is about to experience a significant upward move. Credible Crypto, an anonymous analyst, has expressed bullish sentiment towards Convex Finance (CVX), the native token of a decentralized exchange and automated market maker. The trader has shared a chart indicating that CVX is poised for a wave-three surge against the US dollar. Credible Crypto utilizes the Elliott Wave theory, which indicates that a bullish asset typically undergoes five waves of surges. In this case, the analyst predicts that CVX will reach $4.40 before a wave-four pullback and a subsequent surge towards $7.
Presently, CVX is trading at $2.98, marking a 25% increase in value over the past day. Addressing XRP, Credible Crypto foresees a final decline for the altcoin prior to a substantial breakout rally that could propel it to $1. However, the analyst emphasizes that this prediction relates to a ranging market environment, specifically if XRP approaches $0.50 or below.
Regarding Ethereum (ETH), the trader envisions a scenario in which the leading altcoin dips below $2,800. However, Credible Crypto notes that this correction is contingent on Bitcoin showing weakness. As of now, Ethereum is trading at $3,471, representing a daily increase of over 1%.