DeFi Altcoin Poised for Breakout, Trader Updates XRP and Ethereum Predictions
A well-known crypto analyst, Credible Crypto, predicts a significant upside for Convex Finance (CVX). Suggesting that the DeFi altcoin is on the verge of a major surge.
In a recent update to his 403,900 followers on X, he highlighted CVX’s potential for a “wave-three” rally against the US dollar. Targeting an initial price of $4.70. Credible, who uses Elliott Wave theory. Expects CVX to rise towards $4.40 before a brief pullback and ultimately surge to around $7. Currently, CVX trades at $2.98, showing a nearly 25% increase in the past day.
For XRP, Credible predicts one more dip before a breakout rally towards $1, advising that a potential trade could be considered if XRP falls to $0.50 or below. As of now, XRP is valued at $0.597. Regarding Ethereum (ETH), Credible anticipates a dip below $2,800 if Bitcoin shows weakness, though this scenario depends on Bitcoin’s performance. Ethereum is currently trading at $3,471, up over 1% on the day.
Clever Robot News Desk 26th July 2024
