Bitcoin has finally rallied back after yesterday’s negative price moves, regaining several thousand dollars in a single day. Several double-digit price pumps from Solana, Polkadot, Avalanche, Terra, and others have also boosted the value of most alternative coins.
Alternative coins suffered more than their leader during the market-wide slump. Almost all of them, however, have now outperformed BTC. Ethereum, for example, has plummeted to a low of $2,650. As of this writing, the second-largest cryptocurrency has recovered nicely and is currently trading above $3,100.
Cardano plummeted severely as well, but a 5.5 percent gain in the last 24 hours has pushed it to $2.25. Binance Coin, Ripple, Dogecoin, and Uniswap have all seen similar advances in the last 24 hours.
The larger-cap alts have seen double-digit price increases for Solana, Polkadot, Avalanche, Terra, and ATOM.
As the worst of the market slump is over, a well-known crypto analyst and trader is mapping the bottom targets for Ethereum, Hedera Hashgraph and Curve Finance.
Analyst Credible Crypto in a set of recent tweets marks the bottom levels for the altcoins.
Ethereum is expected to bottom out at a weekly support level, according to the analyst. He targets for ETH to bottom out at $2,700.
“Almost to my target, looking for around $2,700 ETH.”
Ethereum is currently trading at 3,080.70 up by 5.8% in the last 24 hours.
Hedera Hashgraph, a peer-to-peer payment network, is another coin on traders’ radar (HBAR).
HBAR is expected to fluctuate around its “primary support” of $0.30, according to the expert.
He further adds, after breaking out of a seven-month consolidation, we saw a 46 percent drop into HTF (high timeframe) support. Until/unless this zone is lost, this is an HTF bullish retest. This is also the best location to purchase HBAR.
Convex Finance (CVX), a decentralised finance system built on top of Curve Finance, is also on the crypto strategist’s radar. CVX is expected to bounce off support around $7.00 and climb to a new all-time high, according to the analyst.
“Went a little lower than I was expecting on this dip, but I would be VERY surprised if this was not our local bottom. CVX.”