Popular Crypto Trader Remains Bullish on a DeFi Altcoin as Bitcoin (BTC) Drags the Market Down
A popular crypto trader remains bullish on a DeFi (Decentralized Finance) altcoin despite the market’s overall price drop.
Pseudonymous analyst Credible tells his 332,400 Twitter followers that he is still buying Curve DAO Token (CRV), the governance token for Curve Finance, a decentralized exchange for stablecoins.
“Well below my CRV average at this point, but I’m just adding more. The last buy was around $1.60 and if I can get more capital I will buy more as close to current levels as possible. Staking for 50% APR [annual percentage rate] on Convex Finance, as I have for the last 6+ months.”
CRV is trading at $1.13 at the time of writing. The crypto asset, ranked 117th by market cap, is down more than 16% over the past seven days.
Credible notes that Bitcoin (BTC) is currently dictating the market.
“BTC made another swing lower, bringing with it CRV (and the rest of the market). We have now entered a significant support/resistance region [for CRV] and took key swing lows to our left. Look for a base to form here and then a retake of the region we broke out of for a reversal.”
Source: Credible/Twitter
Bitcoin is trading at $29,362 at the time of writing.
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