In the world of cryptocurrency, it seems like everyone is focused on Bitcoin, Ethereum, and meme coins and high-volume altcoins. However, some analysts are looking for altcoins with lower volumes but high potential. Recently, one analyst looked at an altcoin outside the top 200, along with Ethereum and XRP.
Analysts’ comments on altcoins
Credible Crypto, a well-known analyst in the cryptocurrency community, shared a post on X, analyzing CVX, the native token of the decentralized exchange Convex Finance, and expressed bullish expectations.
The analyst said CVX is ready to start a bullish move, marking the third phase of its USD pairing. He said:
“I think an explosive move in CVX is imminent. With the BTC pairing approaching a major demand/support point and the USD pairing having bounced off this point, I believe CVX is about to see a brief period of outperformance. Our initial target is $4.70.”
Credible uses the Elliott Wave Theory, which states that bullish assets typically go through five waves of gains. According to the theory, the third wave is the strongest and most potential upside wave in the rally.
According to the chart shared by the trader, CVX’s third wave rally could push the price to $4.40 before the fourth wave and could push it further above $7.
As of this writing, CVX is up 2.40% in the past 24 hours and is trading at $2.83.
How much will XRP be?
After analyzing CVX, the analyst also checked out XRP, noting that one last correction could occur before the expected price rise to the $1 area. He added: “For now, we are still in a volatile environment, but if the price falls back to $0.50 or below (green area), I would be interested in potential trades.
As of this writing, XRP is trading at $0.6084, up 1%. XRP’s market cap has surpassed $34 billion.
Ethereum Review
Finally, the analyst looked at Ethereum (ETH), noting that the top altcoin could fall below $2,800. He linked this possibility to potential weakness in Bitcoin (BTC).
“To me, this is still the most likely scenario. For that to happen, we need to see Bitcoin correct; let’s see what happens next,” he said.
As of this writing, Ethereum is still trading at $3,173 after a massive 8% drop. The drop was also associated with significant outflows from Ethereum ETFs.
