A popular Youtube analyst has shared a DeFi altcoin project that he thinks could rise in value after selling out quickly over the past few weeks. Let’s look at the expectations of the analyst, keeping in mind that the estimates do not contain certainty.
The altcoin market is trading at the lowest levels in recent months
The anonymous server of InvestAnswers reported to 438,000 YouTube viewers in a new video post that DeFi protocol Aave (AAVE) has dropped to levels not seen since January 2021. Looking at the AAVE chart, the analyst says:
IT’S AS IF SOMEONE GOES BACK IN TIME AND RESET THE CLOCK 16 MONTHS. $120 UNDER THE 200-DAYS MOVING AVERAGE, BUT IT’S NEARLY THE SAME WHEN COMPARED TO POLKADOT AND OTHER COMPARATIVE GRAPHS. SO THE REAL CHALLENGE HERE – AND THAT’S THE HARD PART – WAS TRADING FOR $240 JUST A FEW WEEKS AGO. NOW $80.
At the time of writing, AAVE is trading at $89.49. AAVE, the 50th largest cryptocurrency by market cap, has gained 8% in the last 24 hours.
Analyst thinks the market will fluctuate for a while
The InvestAnswers host believes that Bitcoin (BTC) will soon recover after the recent crash, but predicts high volatility “in the next month or two”. The analyst also explains why he remains optimistic about Aave:
AAVE IS STILL ONE OF THE MOST USED UNAUTHORIZED PROTOCOLS. THEY ARE EXPANDING AND THAT WILL HELP BUSINESSES LIKE STABLECOINS TO MAKE A PROFIT…
The analyst’s explanations for 3x expectations include:
THE SECOND PROBLEM IS ITS FAST MOVEMENT AND I RECOMMEND YOU CLIMB THE STAIRS UP TO $240, A 3X INCREASE FROM NOW. LIKE THE REST OF THE MARKET, OVERSOLD, BUT THE MARKET CAN RECOVER QUICKLY.
Ethereum may drop 80%, here’s why
As we have covered in Somanews analysis, 22V Research analyst John Roque thinks that the Ethereum price can correct over 80%. In one chart, the analyst predicts that ETH could do well from a price range of $3,580 highs to $2,000 lows.