A crypto trader with a reputation for making bold moves in the market believes that two decentralized finance (DeFi) altcoins are set to see significant gains.
Known as Credible, this analyst shares his positive outlook on Curve (CRV) and Convex Finance (CVX) with his 398,100 followers on X, a popular social media platform.
Curve Finance is a decentralized exchange focused on stablecoins, while Convex Finance enhances Curve by optimizing yields for locked tokens.
Credible points out that both altcoins are poised for a rally following the recent liquidation of Curve’s founder, Michael Egorov, on June 13th.
“I am seeing positive movements in CRV and CVX on shorter timeframes. It might be time for a strong recovery. With [Michael Egorov] out of the picture, I believe DeFi leaders can now move forward freely.”
Since Egorov’s liquidation, both CRV and CVX have been on the rise. CVX reached $4.77 on June 17th, marking a remarkable 157% increase from its low of $1.85 the previous week. Credible predicts that CRV will soon follow suit.
“We can expect a shift towards quality and utility. In my opinion, CRV will soon catch up.”
Although CVX has seen a slight pullback from its recent highs, Credible remains optimistic about both altcoins, suggesting that there is still plenty of room for growth.
“CRV – $2 CVX – $15 These levels are crucial resistance points. We may consider taking profits on leveraged positions at these levels. Meanwhile, we will continue to hold spot positions until new all-time highs are reached.”
As of now, CVX is trading at $3.30, while CRV is valued at $0.314.
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