One widely followed crypto analyst says one low-cap artificial intelligence (AI) token is poised to come to life.
Crypto trader Michaël van de Poppe tells his 722,600 followers on the social media platform X that the 346th-largest crypto by market cap, Covalent (CQT), is primed to rally.
“CQT is currently back to the levels of November 2023.
A harsh correction since the peak in February.
Expecting to see the price of Covalent rally up significantly, since their recent new updates.”
CQT is worth $0.163 at time of writing, up 2.2% on the day.
Looking at Bitcoin (BTC), Van de Poppe warns the crypto king may drop lower before rising again.
“This would likely be the case for Bitcoin.
Preferably we sweep the $60,000 area where a bullish divergence kicks in.
Reversal coming from next week with the impending Ethereum ETF (exchange-traded fund) listing.”
BTC is worth $61,487 at time of writing, up 0.8% in the last 24 hours.
Moving on to Ethereum (ETH), the analyst says ETH is in for a tough “grind” upward against BTC (ETH/BTC).
“From a technical standpoint, ETH has been holding a crucial level for support.
I think we’ll continue to grind upwards from here.
If it can get towards 0.06 BTC ($3,690), then I’m assuming we’ll see a big breakout & Altcoin strength for the remainder of the year.”
ETH is worth $0.056 BTC ($3,444) at time of writing, down 2.3% on the week.
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