CRV Set for Significant Rally as Key Resistance Levels Approach, Says Top Analyst

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A trader with a reputation for making unconventional crypto predictions is highlighting significant potential in two DeFi (Decentralized Finance) altcoins.
The pseudonymous analyst, Credible, has expressed optimism to his 398,100 followers on the social media platform X regarding both Curve (CRV) and Convex Finance (CVX).
According to Credible, the aftermath of the liquidation of Curve founder Michael Egorov on June 13th has opened the door for substantial growth opportunities for these altcoins.

Discover why DeFi altcoins like Curve (CRV) and Convex Finance (CVX) are generating buzz in the crypto community amid recent market shifts.

CRV and CVX: Poised for Significant Gains

Curve Finance, a decentralized exchange centered on stablecoins, and Convex Finance, which enhances Curve’s yield optimization, are the focal points of Credible’s bullish outlook. The recent liquidation event involving Curve founder Michael Egorov is seen as a pivotal moment, potentially catalyzing a recovery and rally for both altcoins.

Low Timeframe Impulses Indicate Recovery

Credible points to low timeframe impulses in both CRV and CVX as indicators that a recovery is imminent. “With the liquidation overhang removed following Egorov’s liquidation, the path is clear for these DeFi leaders to gain momentum,” he noted. This sentiment is reinforced by the recent performance of CVX, which saw a substantial surge, jumping to $4.77 from a low of $1.85 over the past week.

Market Movements Since the Liquidation

Since the liquidation, both CRV and CVX have experienced significant rallies. CVX’s impressive increase of over 157% underscores Credible’s prediction of a promising recovery path. While CVX has seen some retracement since reaching its peak, the altcoin still shows potential for further upside, with Credible identifying critical resistance levels of $15 for CVX and $2 for CRV.

Future Projections and Strategic Insights

Credible advises that significant profit-taking should occur at the identified resistance levels while retaining spot positions until new all-time highs are achieved. His projections for CRV and CVX suggest that these altcoins are set for major movements. The current trading prices, with CVX at $3.30 and CRV at $0.314, suggest room for growth in the wake of recent market activities.

Conclusion

In summary, the liquidation of Curve’s founder has potentially removed a significant obstacle for CRV and CVX, setting the stage for a robust recovery. Investors are advised to watch for key resistance levels and potential highs, as the DeFi market shows signs of substantial dynamism and potential gains.