According to a well-known crypto strategist, the governance token of a DeFi lending protocol is poised for significant gains.
The Crypto Dog, a pseudonymous analyst with a large following on social media, has expressed optimism about Aave (AAVE).
He shared a chart indicating that AAVE has successfully retested the $107 level as a support, suggesting a potential price surge.
“Expecting a bullish trend.”
As of the latest update, AAVE is trading at $111.62, showing a slight decrease in the last 24 hours but a significant increase of over 46% since hitting a low of around $75 on August 5th.
Discussing another DeFi project, Curve DAO (CRV), the analyst mentioned that CRV seems to be mirroring AAVE’s performance in its Bitcoin pair (AAVE/BTC).
“CRV is showing signs of life… BTC is near resistance, and strong altcoins are breaking out.
Focus on the strength of the ratio pair and avoid altcoins that can’t outperform BTC.
AAVE is leading now, and I believe CRV will follow suit soon.”
At present, CRV is being traded at $0.313, showing a slight decline in the past day but an impressive increase of over 70% from its low of around $0.18 on August 5th.
While The Crypto Dog remains bullish on AAVE and CRV, he warned that altcoins seem to be at risk currently.
“Considering buying back altcoins as a lack of bounce here could lead them to significant losses.”
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