A widely known crypto strategist says governance tokens for decentralized finance (DeFi) lending protocols are gearing up for a rally.
Anonymous analyst The Crypto Dog told his 809,500 followers on social media platform X that he is bullish on Aave (AAVE).
The trader shared a chart suggesting that AAVE has successfully retested the $107 support level.
“I think it will be the moon.”
As of this writing, AAVE is trading at $111.62, which is down slightly over the last 24 hours but up more than 46% from its low of $75 on August 5.
Looking at another DeFi project, Curve DAO (CRV), the analyst said that the altcoin appears to be following in the footsteps of AAVE on the Bitcoin pair (AAVE/BTC).
“finally, CRV Come alive…
BTC is near resistance line and powerful altcoins are surging.
Pay attention to the strength of the ratio pairs. Ignore alternative assets that cannot go up against BTC.
“Right now I’m the AAVE leader, but I think CRV will join soon.”
As of this writing, CRV is trading at $0.313, down more than 3% over the past day but up more than 70% from its low of $0.18 on August 5.
The Crypto Dog is bullish on AAVE and CRV, while he says altcoins look vulnerable at the moment.
“I’m thinking of buying some more stocks. If we don’t bounce back from here, I’m going to go to hell.”
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Featured image: Shutterstock/Moksha Labs/Natalia Siiatovskaia