A popular cryptocurrency analyst has stated that a low-cap artificial intelligence (AI) token is set to make a comeback.
Cryptocurrency trader Michaël van de Poppe told his 722,600 followers on the social media platform X that Covalent (CQT), ranked 346th by market capitalization, is about to rebound.
“CQT has now recovered to levels last seen in November 2023. This is a severe correction since reaching its peak in February. With the recent updates, Covalent’s price is expected to increase significantly.”
Source: Michaël van de Poppe/X
At the time of writing, CQT is valued at $0.163, with a 2.2% increase in the day.
Looking at Bitcoin (BTC), Van de Poppe warns that the cryptocurrency king could experience a drop before another rise.
“Bitcoin is likely to do just that. We’d better sweep past the $60,000 region, where a bearish divergence begins. Next week, with the upcoming Ethereum ETF, the situation will reverse.”
Source: Michaël van de Poppe/X
At the time of writing, BTC is valued at $61,487, with a 0.8% increase in the past 24 hours.
Regarding Ethereum (ETH), the analyst states that ETH will face a challenging “grind” against Bitcoin (ETH/BTC).
“From a technical perspective, ETH has been maintaining crucial support levels. I believe we will continue to struggle. If it can reach 0.06 BTC ($3,690), then I assume we will see a massive breakout and the strength of altcoins for the remainder of the year.”
Source: Michaël van de Poppe/X
At the time of writing, ETH is valued at 0.056 BTC ($3,444), with a 2.3% decrease this week.
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Generated image: DALLE3.