A prominent cryptocurrency analyst and trader, known under the pseudonym Credible Crypto, has conveyed optimistic views on an Ethereum-based altcoin of low market capitalization while also sharing insights on Bitcoin (BTC) and Curve DAO (CRV).
Addressing his substantial following of 401,200 on the social media platform X, Credible Crypto emphasized that Convex Finance (CVX) displays a highly favorable risk/reward profile in the short to medium term, provided its support level holds steady between $2.60 and $2.70. Convex Finance operates as a decentralized finance (DeFi) platform on the Ethereum blockchain.
“If the current support levels between $2.60 and $2.70 hold, we could see significant upward movement in CVX soon,” remarked Credible Crypto, noting that CVX is currently trading at $3.06.
Credible Crypto drew parallels between the current market structure of CVX and the historical price movements of Dogecoin (DOGE), suggesting potential similarities in their patterns before major price breakouts.
Moving on to Bitcoin, Credible Crypto presented a chart illustrating a potential uptrend for BTC, expressing optimism about its prospects over the upcoming weeks and months. Based on his analysis, he hinted that Bitcoin might surge to approximately $163,000 in the future. As of now, Bitcoin is trading at $60,773.
Regarding Curve DAO, a DeFi protocol primarily focused on stablecoin trading, Credible Crypto pointed out that CRV has reached a critical demand zone in its BTC pairing, a development that could signal bullish implications for its pairing with the US dollar. He expressed confidence that if Bitcoin maintains stability, CRV could start outperforming again in the short term.
At the time of writing, CRV is valued at $0.278.
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Note: The article has been rewritten with creative re-expression while maintaining accuracy and coherence.
