A crypto analyst closely followed by the crypto community has his eye on a rapidly rising altcoin, which he says is highly likely to hit 10x or more in the current bull market.
The analyst, known by the alias Credible Crypto, explains to his 246,000 followers why Convex Finance (CVX) is high on their watchlist.
“During this bull run, I expect CVX to rise at least 10x from current levels and this is a pretty modest estimate. Due to the returns, the APR (annual percentage rate) is now also above 50% to lock CVX. CVX has quickly become one of my favorite projects and one of its biggest investments.”
Convex Finance is a protocol that enables liquidity providers on the decentralized exchange (DEX) Curve Finance to earn trading fees and other rewards without locking up their CRV, the token that powers the exchange.
Credible Crypto also from Ethereum (ETH) analytics platform Nansen; shares a chart showing the major investments flowing into CVX from the wallet of digital asset investment firm Blocktower Capital.
Last week, CVX outperformed other major players in the decentralized finance (DeFi) sector, including Ethereum, Solana (SOL), and Aave (AAVE). According to CoinGecko, CVX is up 32 percent in the past seven days and is trading at $11.38 at the time of writing. The altcoin has risen more than 500 percent since its low three months ago, yet it is still changing hands 45 percent below its all-time high of $20.89.
Making a brief assessment of Ethereum, the analyst says that ETH has started a reversal and expects it to form a higher low somewhere around $3,000 before hitting all-time highs.
“The return has been initiated. Now give me another higher low and some reverse head & shoulders (indicating that the current trend in the market is losing strength and may reverse in the short or medium term) and we’ll take it back to the new ATHs.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.