Cash News
A widely followed crypto strategist says the governance token of a decentralized finance (DeFi) lending protocol is gearing up for rallies.
Pseudonymous analyst The Crypto Dog tells his 809,500 followers on the social media platform X that he’s bullish on Aave (AAVE).
The trader shares a chart that suggests AAVE has successfully retested the level at $107 as support.
“Think that’s gonna moon.”
At time of writing, AAVE is trading for $111.62, down slightly in the past 24 hours but up over 46% since printing its August 5th low at around $75.
Turning to another DeFi project, Curve DAO (CRV), the analyst says the altcoin appears to be following in the footsteps of AAVE in its Bitcoin pair (AAVE/BTC).
“Finally, CRV comes to life…
BTC near resistance, strong alts break out.
Pay attention to ratio pair strength Ignore alts that can’t pump against BTC.
AAVE leader now, I think CRV joins soon.”
At time of writing, CRV is trading for $0.313, down over 3% in the past day but up over 70% from its August 5th low at around $0.18.
While The Crypto Dog is bullish on AAVE and CRV, he says that altcoins look vulnerable at the moment.
“About to rebuy alts because if they don’t bounce here, I think they’re going to hades.”
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Featured Image: Shutterstock/Moksha Labs/Natalia Siiatovskaia