A closely followed crypto analyst has his eye on a fast-moving altcoin that he says is likely to pull off a 10x or more during the current bull market.
The pseudonymous analyst known as Credible Crypto explains to his 246,000 followers why Convex Finance (CVX) is high on his watchlist.
[adinserter block="1"]“I am looking for at least a 10x on $CVX from current levels over the course of this bull run – and that is conservative. APR (annual percentage rate) for locking $CVX is also now over 50% thanks to bribes.
CVX has quickly become one of my favorite projects and one of my largest holdings.”
Convex Finance is a protocol that allows liquidity providers on the Curve Finance decentralized exchange (DEX) to earn trading fees and other rewards without having to lock up their CRV, which is the token that powers the exchange.
Credible Crypto also shares a chart from Ethereum (ETH) analytics platform Nansen which shows large investments flowing into CVX from the wallet of digital asset investment firm Blocktower Capital.
In the last week, CVX has outperformed other big players in the decentralized finance (DeFi) sector, including Ethereum, Solana (SOL), and Aave (AAVE). It is up 33% in the past seven days, and at time of writing CVX is trading at $11.53, according to CoinGecko. It is up 503% from its low three months ago but is still down 45% from its all-time high of $20.89.
Looking at Ethereum, the analyst says ETH has initiated a reversal and he expects a higher low to be formed somewhere near $3,000 before launching to all-time highs.
“Reversal initiated. Now give me a higher low and some meme inverse head and shoulder action and let’s run it back to new ATH.”
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