July 1, 2022
Altcoin News

Interesting DeFi Altcoin Is Moving Fast – Find Out Which One

The crypto market is struggling to recover these days following the recent crash that affected everyone. Check out the latest reports below.

DeFi altcoin is moving really fast

It’s been just revealed that there is a popular crypto analyst who is naming one decentralized finance (DeFi) protocol he believes can surge in value. He thinks that this can happen after being sold off at a rapid rate over the last few weeks.

In a new video update, the anonymous host of InvestAnswers said that the governance token of DeFi lending protocol Aave (AAVE) has dropped to levels not seen since January 2021.

“It’s like somebody turned back time and rewound the clock 16 months. It is $120 dollars under the 200-day moving average, but when you compare this chart to Polkadot and many others, it’s actually almost similar. So the real issue here – and this is the challenging part – is a few weeks ago it was trading at $240. Now it’s at $80.”

AAVE is trading for $88.82 at the time of writing. The 60th-ranked crypto asset by market cap is down nearly 15.5% in the past week.

Bitcoin prediction is out as well

The InvestAnswers host says he expects Bitcoin (BTC) to rebound first but predicts volatility “for the next month or so.”

The anonymous analyst also outlines why he’s still bullish on Aave.

“Aave is still a top non-custodial protocol. They’re moving into more [business to business], which will help enterprises get return on stablecoins like [US Dollar Coin]…”

He continued and said the following:

“The other thing is, it can move fast, and I’d say ladder out up to $240, which is 3x from here. It is deeply oversold, as is the rest of the market, but the market can rebound fast.”

Regarding Bitcoin’s price today, at the moment of writing this article, BTC is trading in the red and the king coin is priced at $30,126.

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