A popular crypto trader is staying optimistic about one decentralized finance (DeFi) altcoin despite the market’s overall price downtick.
Pseudonymous analyst Credible tells his 332,400 Twitter followers he’s still buying Curve DAO Token (CRV), the governance token for Curve Finance, a decentralized exchange for stablecoins.
“Way down on my average for CRV at this point but I’m simply adding more. Last buy was around $1.60 and if I can get more capital will be buying more as close to current levels as I can. Staking it for 50% APR [annual percentage rate] on Convex Finance as I’ve been doing for the last six+ months.”
CRV is trading for $1.13 at time of writing. The 117th-ranked crypto asset by market cap is down more than 16% in the past seven days.
Credible notes that Bitcoin (BTC) is currently dictating the market.
“BTC made another swing lower and brought CRV (and the rest of the market) with it. We have now hit a significant support/resistance region [for CRV] and taken key swing lows to our left. Watch for a base to form here then a reclaim of the region we broke down from for a reversal.”
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