A popular analyst and trader is laying out price targets for an altcoin that powers a decentralized exchange focused on efficient stablecoin trading.
Pseudonymous trader Credible Crypto tells his 285,600 Twitter followers that after making a successful entry on Convex Finance (CVX) back in August, he’s ready for the associated Curve DAO Token (CRV) to go on a similar run.
Credible says,
“It took about four months for us to squeeze a 10x out of CVX. Now it’s time for our 10x on CRV.
Original entry under $3, added massively between $3-$4, and as I’ve said many times now, targeting $40 at least by end of cycle.
Let’s get it.”
In his original August 18th tweet, the trader said that “the world is sleeping on CVX.”
The altcoin has been on an impressive run lately, grinding up from under $4 at the start of August to an all-time high above $49 last Thursday.
At time of writing, CVX is up 14% on the day to $47.01 after correcting over the weekend.
Convex Finance is a decentralized finance (DeFi) protocol that was built on top of Curve Finance, where the native token CVX is used for staking, liquidity mining and voting.
Credible Crypto now has his sights set on seeing how high CRV can rise during the current crypto market cycle.
Following up on a December 22nd tweet that called for CRV to surpass $5.50 in the short term, Credible says that after meeting that price target, he could see the altcoin correcting, possibly back to its immediate support.
“Target hit. CRV is showing tremendous strength but if we are going to see a pullback it will likely be from this region.
Would love for a breakthrough of course, but if we do dip eyes on the $4.60 region.”
According to DeFi tracker DeFi Llama, Curve ranks first among all projects in terms of total value locked (TVL) at $23.46 billion. Convex Finance is second with $19.34 billion in assets locked.
The TVL of a DeFi protocol represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
The price of CRV is down 4.39% to $5.49 at time of writing. The altcoin hit a monthly high of $5.85 on Friday after experiencing a major surge, shooting up 76% from $3.32 in less than two weeks.
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