Altcoins

Altcoins Recover! Analyst predicts limited bottoms for ETH, HBAR & CVX

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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 Price

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(HBAR)

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)

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.”

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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