Trader Names One of His Highest Conviction Altcoin Plays, Says Crypto Markets Going Much Higher

A popular crypto analyst is detailing the fundamental reasons why a decentralized finance (DeFI) altcoin is one of his highest conviction plays for the next bull rally. The pseudonymous analyst known as Credible Crypto tells his 339,000 followers that he has his radar locked on Convex Finance (CVX).

Timeline of Convex-finance

Investors appear to be rallying around decentralized finance (DeFi) protocol Convex Finance (CVX), which has inked 8.98% growth to $5.57, per CoinMarketCap's data. Convex Finance's growth is a testament to the encompassing growth rally in the industry today, which has also spread to the less popular DeFi protocols.

In the last quarter of 2022, Convex Finance [CVX] committed to integrating several sidechains on its network. So, on 9 March, the liquidity provider announced that it had launched on Polygon [MATIC] to further foster the mission.

February 2023 brought a correction phase in the majority of major cryptocurrencies. As a result, the Convex Finance coin turned down from the $7.1 resistance and tumbled 23.75% down to reach $5.5 support.

Unlike the majority of major cryptocurrencies, the convex finance coin started its recovery rally a bit late, that is, from the second week of January. However, this altcoin made up for the lost time, as it witnessed a nearly perpendicular growth in the last ten days.

In spite of its sixth position on the Total Value Locked (TVL) standings, Convex Finance [CVX] failed to send the DeFi TVL to its lowest since February 2021. The Curve Finance [CRV]-based staking platform defied the trend shown by other top protocols, leading to a 34.44% increase in the last 30 days.

The Convex Finance (CVX) price stands at the neckline resistance($6) of an inverted head and shoulder pattern. A bullish breakout from this resistance offset the ongoing consolidation and bolstered a new recovery rally for CVX.

Convex Finance, a DeFi protocol built on Curve Finance, commenced unlocking its CVX tokens as of 30 June. This was undertaken to combat the limited liquidity crisis that hindered the swapping of CVX tokens to Ethereum [ETH] on its protocol.

A new project in decentralized finance (DeFi) is surging and could be making its way to the top 50 list of cryptocurrencies. We are talking about Uniglo (GLO), one of the latest project additions to the Ethereum blockchain. This surge says a lot considering that the Uniglo project has yet to publicly launch.

It hasn't been a good time for CVX holders lately, with the altcoin falling by a significant margin on the charts lately. Convex Finance is a DeFi protocol housed within Curve Finance.

The Convex Finance (CVX) price started the new week with a decisive breakout from the $7 resistance. Following a three days retest, altcoin resumed the prevailing recovery, charging straight to the next supply region of the $9 mark.