Crypto Trader Predicts Major Price Surge for DeFi Altcoin, Revises Forecast for XRP and Ethereum
A prominent analyst in the crypto space believes that an overlooked decentralized finance altcoin is poised for significant growth. Known as Credible Crypto, this analyst, with a substantial following on X social media platform, expressed optimism about Convex Finance’s native asset, CVX.
Credible Crypto shared a chart indicating that CVX is on the brink of a substantial surge against the US dollar. Anticipating an explosive move for CVX, the analyst highlighted the coin’s potential outperformance in the near term. With the BTC pairing nearing significant demand/support levels and the USD pairing already rebounding from them, Credible Crypto pointed to a potential uptrend for CVX, setting an initial target at $4.70.
Employing the Elliott Wave theory, which suggests a five-wave pattern for bullish assets, Credible Crypto focused on wave three as the most forceful and impulsive phase of the rally. The analyst’s chart analysis hinted at CVX’s wave three rally propelling the coin towards $4.40 before a corrective wave four and a subsequent surge to around $7.
As of the latest update, CVX was trading at $2.98, marking an impressive 25% increase in a single day. Shifting attention to XRP, Credible Crypto projected a further downward move for the altcoin before a potential breakout rally towards the $1 mark. Emphasizing a ranging environment for XRP, the analyst expressed interest in a trade opportunity if the coin dips to $0.50 or below.
Regarding Ethereum (ETH), Credible Crypto envisioned a scenario where the leading altcoin experiences a dip below $2,800. However, the analyst noted that this correction would only materialize if Bitcoin (BTC) displays signs of weakness. Credible Crypto highlighted the necessity of a Bitcoin correction for Ethereum to follow suit, maintaining a cautious yet optimistic outlook on the market.
At present, Ethereum is trading at $3,471, reflecting a modest daily gain of over 1%. The crypto market continues to witness dynamic movements and price fluctuations, with analysts like Credible Crypto closely monitoring and interpreting these trends for potential trading opportunities.
