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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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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Moksha Labs/Natalia Siiatovskaia
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