- The cryptocurrency market has recently experienced selling pressure, causing significant declines.
- Bitcoin, the leading cryptocurrency, has fallen to $64,000, while Ethereum has been hit hard by selloffs.
- Despite the downturn, a well-known analyst is optimistic about a substantial upward move in a specific DeFi altcoin and has updated views on ETH and XRP.
Explore the latest insights from a leading crypto analyst on the potential explosive movement in CVX, along with updates on Ethereum and Ripple’s XRP.
Bitcoin and Ethereum See Significant Declines amid Market Sell-Off
Bitcoin (BTC) recently plunged to $64,000, and Ethereum (ETH) faced a steep selloff, with both cryptocurrencies experiencing significant losses. These movements have triggered a broader market imbalance, leading to increased volatility. The downturn saw Ethereum dropping by 9%, causing concern among investors. Despite these declines, some altcoins still display potential for future gains.
Analyst Predicts Explosive Movement for CVX
Credible Crypto, a well-followed market analyst, has highlighted Convex Finance (CVX) as poised for an explosive move. Utilizing Elliott Wave theory, which anticipates five-wave cycles in bullish assets, the analyst expects CVX to initiate a strong third wave rally. This wave could potentially propel CVX up to $4.40 before a fourth wave correction and a final push towards $7. As of the latest data, CVX was trading at $2.74, down by 9.15% on the daily but up over 10% for the week.
XRP Likely to See Another Dip Before Major Rally
Turning attention to Ripple’s XRP, the analyst forecasts a potential dip below $0.50 before any substantial breakout rally towards $1. Credible Crypto remains cautious, noting the volatile environment but is ready to engage in potential trades if XRP dips to the projected support levels. During the latest update, XRP was trading at $0.6236, down 0.79% on the day but showing a weekly gain of around 7%.
Ethereum Correction Anticipated to $2,800
The analyst also revisits Ethereum, predicting a potential correction to $2,800. This scenario is contingent upon Bitcoin showing further weakness. At the time of the latest observation, Ethereum was trading at $3,145, suffering an 8.97% loss for the day and showing over a 9% decline for the week. The movement in Bitcoin’s price could significantly influence Ethereum’s trajectory.
Conclusion
In summary, while the cryptocurrency market has faced considerable selling pressure, leading to notable declines in key assets like Bitcoin and Ethereum, opportunities still exist. Credible Crypto suggests significant potential in Convex Finance (CVX) and outlines a roadmap for Ripple’s XRP and Ethereum. Investors should stay informed and consider these insights for strategic decision-making in the volatile cryptocurrency landscape.
