Two DeFi altcoins could surge soon.
A famous cryptocurrency strategist that gained a large following on social media after correctly calling bitcoin’s 2018 bear market bottom over $3,000 has pointed out two decentralized finance (DeFi) altcoins that he believes could soon surge as the crypto market recovers.
The analyst, known as Smart Contractor on social media, told his 100,000 followers that DeFi blue-chip tokens like AAVE and SNX could appreciate the most in the next leg up as they have held well unlike other altcoins in the current crypto market correction.
Smart Contractor noted that the two altcoins have been creating higher lows instead of lower lows, implying that they are ready to move up. He wrote:
“#DeFi blue chips like $aave $snx et al. will probably bounce the most seeing as they dumped the least. most didn’t even make LLs but instead making HLs, expecting potentially 30%+ bounces from here.”
Aave is worth mentioning, it allows users to earn interest on the cryptocurrency holding, or even take out crypto-backed loans on the platform.
Synthetix is a platform that is the issuance of synthetic assets. The assets are similar to derivatives in legacy finance, but they are built on top of the Ethereum blockchain as ERC-20 smart contracts. They are tracking the price movements of real assets.
The trader then analyzed the top two cryptoassets by market capitalization, Bitcoin and Ethereum, and pointed out that he sees a retrace in the coming weeks before a final move down occurs and both cryptocurrencies recover. Bitcoin can hit $50,000 by the beginning of March, before moving below the $40,000 mark.
On the other hand, Ethereum can move up to $1,600 before moving down to $1,000 where it will find support. From there, the cryptocurrency might stage a recovery to a new all-time high of over $2,200.
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