A trader known for making contrarian crypto calls believes that two decentralized finance (DeFi) altcoins are primed to print massive gains.
Pseudonymous analyst Credible tells his 398,100 followers on the social media platform X that he’s bullish on both Curve (CRV) and Convex Finance (CVX).
Curve Finance is a stablecoin-focused decentralized exchange and Convex supports Curve by optimizing yields of locked tokens.
According to Credible, both altcoins are in a position to rally after Curve founder Michael Egorov got liquidated on June 13th.
“I see low timeframe impulses on CRV and CVX.
Probably time for the start of the great recovery.
Now that [Michael Egorov] has been liquidated, that overhang is out of the picture. I think the kings of DeFi can move freely now.”
Both CRV and CVX have been rallying since Egorov’s liquidation last week. On June 17th, CVX surged to $4.77, an over 157% rise from last week’s low of $1.85. According to Credible, CRV will follow in the footsteps of CVX.
“A flight to quality/utility is coming. CRV will follow in my opinion.”
While CVX has retraced since its recent highs, Credible says that both altcoins have a lot more room to run to the upside.
“CRV- $2
CVX- $15
Major areas of resistance.
Will likely take profit on levered longs at the levels above.
We hold spot till new all-time highs.”
At time of writing, CVX is trading for $3.30 while CRV is worth $0.314.
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