In the crypto world, everyone seems focused on Bitcoin and Ethereum, as well as meme coins and high-volume altcoins. Some analysts continue to search for altcoins with lower volume but high potential. One of these analysts recently examined an altcoin ranked just outside the top 200, along with Ethereum and XRP.
Analyst’s Altcoin Commentary
Credible Crypto, a well-known analyst in the crypto world, shared a post on X where he analyzed CVX, the native token of the decentralized exchange Convex Finance, and more importantly, expressed his bullish expectations.
The analyst indicated that CVX is ready to start a bullish move marking the third stage in its USD pairing and said:
I think an explosive move for CVX is just around the corner. With the BTC pairing approaching a major demand/support point and the USD pairing already bouncing from this point, I believe we are approaching a short window of outperformance for CVX. We are targeting $4.70 initially.
Credible applies the Elliott Wave theory, which suggests that a bullish asset tends to witness a five-wave rise. According to the theory, the third wave is known to be the strongest and most upward wave of the rally.
According to the trader’s shared chart, CVX’s third wave rally could initially create a price movement towards $4.40 before the fourth wave and potentially move the price above $7.
As of the time of writing, CVX has seen a 2.40% increase in the last 24 hours and is trading at $2.83.
How Much Will XRP Be?
After CVX, the analyst examined XRP and noted that one last correction might occur before the expected price movement towards the $1 region, adding:
For now, we are still in a volatile environment – but if we drop back to $0.50 or below (green zone), I will be interested in a potential trade.
As of the time of writing, XRP is trading at $0.6084 after a 1% increase. XRP’s market cap has exceeded $34 billion.
Ethereum Commentary
Lastly, the analyst looked at Ethereum (ETH), noting that a scenario where ETH, the top altcoin, drops below $2,800 could occur. The analyst tied this possibility to a potential weakness in Bitcoin (BTC).
This still makes the most sense to me. For this to happen, we need a correction in Bitcoin; let’s see what happens.
As of the time of writing, Ethereum continues to trade at $3.173 after an 8% sharp drop. This drop is also linked to large outflows in Ethereum ETFs.
