A widely followed crypto strategist says the governance token of a decentralized finance (DeFi) lending protocol is preparing for a surge.
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 $107 level as support.
“I think that will be the moon.”
At the time of writing, AAVE is trading at $111.62, down slightly over the past 24 hours but up over 46% since hitting lows of around $75 on August 5.
As for 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 the strength of the ratio pair. Ignore alts that fail to pump against BTC.
AAVE is leading now, I think CRV will join it soon.”
At the time of writing, CRV is trading for $0.313, down over 3% over the past day but up over 70% from its August 5 low of around $0.18.
While The Crypto Dog is optimistic about AAVE and CRV, he believes that altcoins currently appear vulnerable.
“I’m about to buy some alts because if they don’t recover here, I think they’re going to hell.”
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Featured image: Shutterstock/Moksha Labs/Natalia Siiatovskaia
