Altcoins
An Analyst Predicts Massive Rallies for Two DeFi Altcoins and Says It’s Time for a Big Recovery — Here Are His Targets
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 decentralized exchange focused on stablecoins and Convex supports Curve by optimizing the returns of locked tokens.
According to Credible, both altcoins are capable of recovering after the arrival of Curve founder Michael Egorov liquidated on June 13th.
“I see low temporal pulses on CRV and CVX.
It’s probably time for the big recovery to begin.
Now that [Michael Egorov] has been liquidated, such overhang is out of the question. I think the kings of DeFi can move freely now.”
Both CRV and CVX rallied following Egorov’s liquidation last week. On June 17, CVX rose to $4.77, up more than 157% from last week’s low of $1.85. According to Credible, CRV will follow in the footsteps of the CVX.
“There is a flight to quality/utility coming. CRV will follow in my opinion.”
While CVX has rebounded from its recent highs, Credible He says that both altcoins have much more room to run higher.
“CRV-$2
CVX-$15
Main areas of resistance.
It will likely profit from leveraged long positions at higher levels.
We maintain the position until new all-time highs.”
At the time of writing, CVX is trading for $3.30 while CRV is worth $0.314.
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