A popular crypto analyst is bullish on two decentralized finance (DeFi) tokens. The pseudonymous trader, known as The Crypto Dog, has his eye on AAVE and Curve DAO (CRV). Both have gained not too much attention in the recent weeks, being completely overshadowed by scandalous meme coins, XRP vs SEC case, Bitcoin ups and downs, Ethereum useless efforts to rise again, and other hurdles.
AAVE, the governance token of a DeFi lending protocol, is looking primed for a rally. The Crypto Dog shared a chart with his 809,500 X followers. He showed AAVE retesting $107 as support.
"Think that's gonna moon," he quipped.
AAVE was trading at $111.62 at press time. It's down slightly over 24 hours. But it's up over 46% since its August 5th low of about $75.
The analyst reckons CRV might follow AAVE's lead. He's watching the AAVE/BTC pair for clues.
"Finally, CRV comes to life," he noted. "BTC near resistance, strong alts break out."
He advised traders to focus on altcoins showing strength against Bitcoin. "Pay attention to ratio pair strength," he said. "Ignore alts that can't pump against BTC."
CRV was trading at $0.313 when we checked. It's down over 3% in a day. But it's up more than 70% from its August 5th low of around $0.18.
Despite his optimism, The Crypto Dog isn't all sunshine and rainbows. He warns that altcoins look shaky right now.
"About to rebuy alts because if they don't bounce here, I think they're going to hades," he said.
The DeFi market is known for its volatility. These predictions should be taken with a pinch of salt. As always, do your own research before diving in.