A trader known for making contrarian crypto calls believes two decentralized finance (DeFi) altcoins are poised to make huge gains.
Pseudonymous analyst Credible tells his 398,100 followers on social media platform X that he is bullish on both Curve (CRV) and Convex Finance (CVX).
Curve Finance is a stablecoin-focused decentralized exchange and Convex supports Curve by optimizing returns from locked tokens.
According to Credible, both altcoins are positioned to rebound after Curve founder Michael Egorov made the move liquidated on June 13.
“I see low time frame impulses on CRV and CVX.
Probably time for the start of the big recovery.
That [Michael Egorov] has been liquidated, that surplus is out of the picture. I think the kings of DeFi can now move freely.”
Both CRV and CVX have been on the rise since Egorov’s liquidation last week. On June 17, CVX rose to $4.77, an increase of over 157% from last week’s low of $1.85. According to Credible, CRV will do that to follow following in the footsteps of CVX.
“There will be a flight to quality/utility. CRV will follow in my opinion.”
While CVX has retreated since its recent highs, Credible say that both altcoins have much more room to run upward.
“CRV-$2
CVX-$15
Main areas of resistance.
Likely to take profits on long positions with liver function at the above levels.
We are holding steady at new all-time highs.”
At the time of writing, CVX is trading at $3.30, while CRV is worth $0.314.
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