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 social media platform X that he is bullish on Aave (AAVE).
The trader shares a chart that suggests AAVE has successfully retested the $107 level as support.
“I think it’s going to be great.”
At the time of writing, AAVE is trading at $111.62, down slightly over the past 24 hours but up over 46% since printing its August 5 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 is near resistance, strong alts are breaking out.
Pay attention to the strength of the ratio pair. Ignore alts that can’t pump against BTC.
“He is now the leader of AAVE, I think CRV will join him soon.”
At the time of writing, CRV is trading at $0.313, down more than 3% in the past day but up more than 70% from its August 5 low of around $0.18.
Although The Crypto Dog is bullish on AAVE and CRV, he says the altcoins appear vulnerable at the moment.
“I’m about to buy back into alts because if they don’t bounce back here I think they’re going to hell.”
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Featured image: Shutterstock/Moksha Labs/Natalia Siiatovskaia
