Cryptocurrency analyst Credible stated that he is bullish on Curve (CRV) and Convex Finance (CVX), two important altcoins of the decentralized finance (DeFi) ecosystem. This expectation is supported by the fact that both altcoins have entered a recovery process following the liquidation process of Curve founder Michael Egorov on June 13. Credible believes that CRV and CVX will recover greatly following this liquidation process.
The Liquidation of Michael Egorov and Its Aftermath
The liquidation process that Michael Egorov experienced on June 13 had a great impact in the DeFi world. The liquidation of a large amount of Egorov’s assets led to uncertainty and volatility in the markets. However, Credible stated that CRV and CVX have the potential to rebound following this event. “Now that Michael Egorov has been liquidated, this obstacle has been removed,” the analyst said. “I think the kings of DeFi can now act freely,” he expressed optimism.
Recovery Signals: CRV and CVX
Credible noted that it observed positive signals on lower time frames in both altcoins. These signals indicate that the markets are about to enter a major recovery period. Following Egorov’s liquidation, both CRV and CVX showed a significant recovery. For example, CVX rose from last week’s low of $1.85 to a high of $4.09 today. This dramatic increase helped investors regain confidence in CVX.
According to Credible, CRV will enter a similar recovery process and follow in the footsteps of CVX. This may lead to both altcoin prices gaining more interest and value from investors. The analyst predicts that CRV and CVX will perform strongly as market conditions improve.
“A flight towards quality/utility is coming. “In my opinion, CRV will follow suit.”
While CVX has pulled back since its recent highs, Credible says both altcoins have much more room to move higher.
“CRV-2 dollars
CVX-$15
Major areas of resistance.
Profits will probably be taken from leveraged long positions at the above levels.
“We hold our ground to new all-time highs.”
At press time, CVX is trading at $3.
You can access current market movements here.
