Ethereum-Based Altcoin Set to Surge Soon, Trader Updates Bitcoin and Curve Analysis
A cryptocurrency analyst and trader, known as Credible Crypto, has shared optimistic views on a low-cap altcoin based on Ethereum, alongside insights on Bitcoin and Curve DAO.
Credible Crypto, with a substantial following on X, highlights Convex Finance (CVX) as having a promising risk/reward ratio in the short to medium term, provided the support level around $2.60 to $2.70 remains intact. The analyst emphasizes that if these levels hold, significant price movements could ensue soon. Currently, CVX is trading at $3.06 and is a decentralized finance (DeFi) platform operating on the Ethereum blockchain.
Comparing the market structure of CVX to historical patterns seen in Dogecoin (DOGE), Credible Crypto draws parallels, suggesting potential upcoming bullish movements akin to DOGE’s past performance.
Shifting focus to Bitcoin, the analyst presents a chart indicating a possible upward trend for BTC, hinting at a bullish trajectory in the coming weeks and months, with a speculated target price of around $163,000. At present, Bitcoin is valued at $60,773.
Regarding Curve DAO, a DeFi protocol concentrating on stablecoin trading, Credible Crypto notes a decline in CRV’s BTC pair to a critical demand zone, which could lead to positive implications for the Curve/US dollar pair. The analyst anticipates a potential rebound in CRV/USD, especially if Bitcoin maintains stability, suggesting that CRV may outperform in the short term. As of now, CRV is priced at $0.278.
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