Analyst projects 100% rise for three cryptocurrencies2 min read
The current rally in the cryptocurrency market is encouraging traders, investors and analysts, who are more confident in altcoins. The trader known as Altcoin Sherpa, for example, is projecting rallies of up to 100% for three cryptocurrencies in particular.
On his Twitter account, the trader highlighted to his more than 170,800 followers that he is optimistic about Compound (COMP), Theta Network (THETA) and CAKE.
According to him, although no one in their right mind is believing in new all-time highs for altcoins, there is no reason not to believe in the good performance of these three cryptoassets.
“No one in their right mind is asking all-time highs for altcoins. But I don’t see why many of them can’t rise 2-3 times from the bottom (or more).”
Altcoin Sherpa pondered that this is not an investment recommendation: “these are just a few examples from the broader altcoin market.
Nobody sane is calling for all time highs for #Altcoins but I don’t see why many of these cant do 2-3x from the bottom (or more for some of these). Not saying these are coins you should buy but they’re just a few examples of the broader alt market. $THETA $COMP $CAKE pic.twitter.com/ukxa5kKcCw
— Altcoin Sherpa (@AltcoinSherpa) March 27, 2022
As the COMP chart shared by the trader shows, their initial price target for the Decentralized Finance Platform (DeFi) token for digital asset lending is $223. From the current price of $142.67, that would be a rise of more than more than 56%.
Next, the trader believes that COMP can jump even further to $290. In this case, it would be up more than 103% from the current price.
Also according to the graph, this possible increase would occur between the months of May and June.
Theta Network (THETA)
Meanwhile, with regard to the THETA token, from the peer-to-peer distribution platform for video content Theta Network, forecasts are similarly optimistic.
At the time of writing, the digital asset is priced at $3.80 after rising over 21% in the last 7 days.
According to the trader’s chart, the token could reach the level of $7 as early as April. If the bullish high materializes, it would be an appreciation of more than 84% compared to the current price of the token.
Finally, regarding CAKE, the native token of decentralized exchange PancakeSwap, Altcoin Sherpa believes that the price could grow about twice.
That’s because at the moment, the altcoin is costing around $8.60. And according to the chart shared by the trader, its price target is above $17.40.
Thus, it would be an appreciation of approximately 102%. Also according to the chart, the optimistic projection is expected to occur in the month of June.