If we are to believe pseudonymous analyst Credible Crypto, explosive price movements are on the agenda for certain crypto projects. That seems unlikely at the moment, because the market is going down the drain. Bitcoin is a few percent in the red and several altcoins are doing much worse.
Bullish over Convex Finance
Credible Crypto is particularly bullish on Convex Finance (CVX), the coin built for the decentralized exchange platform of the same name. He believes CVX is poised for a three-wave rally against the US dollar.
“I think there is an explosive move coming for CVX. As the trading pair with Bitcoin enters a major demand/support zone and the dollar pair is already jumping off it, I think we are heading towards a short period of overperformance for this coin. My target is $4.70,” Credible Crypto said.
Credible Crypto uses the so-called Elliott Wave Theory, an approach within technical analysis that is in turn based on crowd psychology. According to the theory, the prices of financial assets move in waves and for CVX, these look positive, the analyst claims.
Breakout Imminent for XRP?
Besides Convex Finance, Credible Crypto is also bullish on XRP. Although he expects one more period of declines for the coin, he foresees a breakout to the $1 price for XRP after that.
“For now we are still in a range, but if we get to $0.50 or lower, then I would be interested in XRP,” the analyst said.
At the time of writing, the XRP price clocks in at $0.6081 and there is no sign of the $0.50 price he is talking about. In that respect, “the drop” he predicts has yet to come.
On the other hand, we also have to see if XRP really has the potential to rise. Investors will slowly start to lose confidence in this coin.
Since the 2017/2018 bull run, XRP has failed to regain positive momentum and make a new all-time high.
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Source: https://newsbit.nl/bloedbad-voor-crypto-maar-deze-analist-blijft-bullish/
