A widely followed cryptocurrency analyst and trader is expressing bullish sentiment on an Ethereum-based low-cap altcoin while offering his insights on Bitcoin (BTC) and Curve DAO (CRV).
The analyst pseudonymously known as Credible Crypto tells his 401,200 followers on the social media platform X that Convex Finance (CVX) has the “best-looking chart” in terms of the risk/reward ratio over the short to medium term if the support level between $2.60 and $2.70 holds.
Convex Finance is a decentralized finance (DeFi) platform built on the Ethereum (ETH) blockchain.
“If those lows [between $2.60 and $2.70] aren’t breached, things are going to get explosive soon.”
CVX is trading at $3.06 at time of writing.
According to Credible Crypto, the market structure of CVX is currently echoing that of Dogecoin’s (DOGE) past price action prior to massive breakouts.
“CVX structure at the moment reminds me a lot of the repeated macro bottoms we saw on DOGE in the past…”
Next up is Bitcoin. In a post with an attached chart illustrating Bitcoin on a potential upward trend, the pseudonymous analyst says BTC stands a “chance” of potentially embarking on a bullish trajectory over the coming weeks and months. Based on the chart, Credible Crypto seems to suggest that Bitcoin could explode to around $163,000.
At time of writing, Bitcoin is trading for $60,773.
Turning to Curve DAO, a DeFi protocol focused on trading of stablecoins, the pseudonymous analyst says that CRV has fallen to an area of key demand on its BTC pair – a development that could have bullish implications for the Curve/US dollar pair.
“Odds are high that CRV/USD is going to bounce back to the upside soon.
If BTC can tread water, CRV should begin outperforming again in the short term.”
At time of writing, CRV is worth $0.278.
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The post Trader Says Ethereum-Based Altcoin Primed To ‘Get Explosive Soon,’ Updates Outlook on Bitcoin and Curve appeared first on The Daily Hodl.