A widely followed crypto strategist says the governance mark of a decentralized finance protocol (DeFi) 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 suggesting that AAVE has successfully retested the level at $107 as support.
“I think that will work.”
At the time of writing, AAVE is trading at $111.62, down slightly in the past 24 hours, but up over 46% since the August 5 low of around $75.
As for another DeFi project, Curve DAO (CRV), the analyst say the altcoin appears to be following in the footsteps of AAVE with its Bitcoin pair (AAVE/BTC).
“Finally, CRV comes to life…
BTC near resistance, strong alts break out.
Note the strength of the relationship pair. Ignore alts that can’t pump against BTC.
AAVE leader now, I think CRV will join 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 the August 5 low around $0.18.
While The Crypto Dog is bullish on AAVE and CRV, he says it’s all about altcoins Look vulnerable at the moment.
“I’m about to buy alts again because if they don’t bounce here I think they’re going to hades.”
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Featured image: Shutterstock/Moksha Labs/Natalia Siiatovskaia
