dailyhodl.com
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.”