![Compound [COMP]: With a 103% rally to its credit, here’s how the token still manages to disappoint many](https://cryptoworldinfo.co.uk/wp-content/uploads/2022/06/money-gf8985cfb5_1280-1000x600-75x75.jpg)
A well-liked crypto analyst is naming one decentralized finance (DeFi) protocol he believes can surge in worth after being bought off at a speedy price over the previous couple of weeks.
In a brand new video replace, the nameless host of InvestAnswers tells his 438,000 YouTube subscribers the governance token of DeFi lending protocol Aave (AAVE) has dropped to ranges not seen since January 2021.
“It’s like someone turned again time and rewound the clock 16 months. It’s $120 {dollars} below the 200-day shifting common, however whenever you evaluate this chart to Polkadot and plenty of others, it’s really nearly comparable. So the true problem right here – and that is the difficult half – is a couple of weeks in the past it was buying and selling at $240. Now it’s at $80.”
AAVE is buying and selling for $88.82 at time of writing. The Sixtieth-ranked crypto asset by market cap is down almost 15.5% up to now week.
The InvestAnswers host says he expects Bitcoin (BTC) to rebound first however predicts volatility “for the following month or so.”
The nameless analyst additionally outlines why he’s nonetheless bullish on Aave.
“Aave continues to be a prime non-custodial protocol. They’re shifting into extra [business to business], which can assist enterprises get return on stablecoins like [US Dollar Coin]…
The opposite factor is, it will probably transfer quick, and I’d say ladder out as much as $240, which is 3x from right here. It’s deeply oversold, as is the remainder of the market, however the market can rebound quick.”
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Featured Picture: Shutterstock/Mia Stendal
