The anonymous cryptocurrency analyst known as The Crypto Dog has recently predicted a significant uptick for two specific altcoins on social media platform X. The analyst envisions a strong upward movement for these altcoins in the short term.
Positive Outlook for AAVE
Initially, The Crypto Dog expressed optimism about Aave (AAVE). According to the analyst, AAVE has successfully tested the $107 support level, suggesting that this could lead to a substantial price increase. Currently, AAVE is trading at $111.62, having experienced a slight decline over the past 24 hours. However, it has surged over 46% from its $75 level on August 5.
CRV Following AAVE?
The Crypto Dog also commented on Curve DAO (CRV), indicating that CRV might follow AAVE’s trajectory. The analyst noted that CRV has shown positive movement against Bitcoin (CRV/BTC) and highlighted that strong alternatives tend to rise against Bitcoin. Presently, CRV is trading at $0.313, marking a rise of over 70% from its $0.18 level on August 5.
Investment Warnings
While optimistic about these altcoins, The Crypto Dog also cautioned investors about the current sensitivity of the altcoin market. The analyst warned that if altcoins fail to recover, they might experience a significant drop. Additionally, investors should keep some cash on hand to seize potential buying opportunities in the future.
Concrete Inferences for Investors:
- AAVE successfully tested the $107 support level, indicating potential for continued growth.
- CRV shows strong performance against Bitcoin, suggesting it might follow AAVE’s upward trend.
- Maintain cash reserves to capitalize on future market opportunities.
Overall, the market remains under pressure, with Bitcoin trading at $58,414 after a 0.23% drop in the last 24 hours. The total market capitalization of the cryptocurrency market is $2.07 trillion, down 0.87%, with Bitcoin’s dominance at 55.8%.