A popular crypto trader thinks one decentralized finance (DeFi) altcoin built on Ethereum (ETH) is on the verge of a big recovery.
The pseudonymous crypto analyst Credible tells his 320,600 Twitter followers that Ethereum-based Curve Finance (CRV) is “revving its engines.”
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Curve is trading at $2.91 at time of writing. Credible thinks the DeFi altcoin could revisit the “mid $2” range if Bitcoin (BTC) corrects back to the low $40,000s. He also predicts CRV will bounce back to the $4-$5 range “soon.” The crypto asset hasn’t reached those heights since mid-January.
Credible predicts BTC will retest the low $40,000s in the short term, though he thinks the top-ranked crypto asset by market cap is primed to continue marching upwards after that dip.
Bitcoin is trading at $46,890.63 at time of writing.
Credible is also predicting a pullback for DeFi altcoin Convex Finance (CVX).
Convex, which offers no withdrawal or minimum performance fees, rewards liquidity providers and CRV stakers on the Curve Finance exchange. CVX can be staked into Convex Finance to earn a share of Curve’s liquidity pool earnings.
“$40 resistance hit – may see a bit of a pullback here before continuation. Dips to the $20-$30 region are buy opportunities. Bribes/incentives this round also coming in at around $0.80 per vlCVX. Nearly 2x the last round which was just two weeks ago.
CVX – the gift that keeps on giving.”
CVX is trading at $37.28 at time of writing.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Perfect Lazybones/Natalia Siiatovskaia
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