Short Squeeze Awaiting! CRV and These 7 Altcoins Should Be Note!

The Curve Finance hack of the week is putting intense short squeeze pressure on the CRV. Together with CRV, these 7 altcoin projects have reached the threshold of a definitive break.

Credible Crypto issues short squeeze warning for hacked CRV

The widely followed crypto analyst reported that Curve (CRV) is experiencing massive amounts of short squeeze. However, the analyst says that a short squeeze rally will occur if the price does not move lower than its current value in the short term.

A short squeeze is when investors borrow a coin at a low price and trade to sell it at a lower price, and then take back assets they forcibly borrowed as prices turn against them. This leads to higher prices and more purchases. So, short squeeze forces traders to “force” buy…

Sharing the chart above, Credible Crypto conveys its short-term expectations as follows:

It is also worth noting that there is a large increase in shorts at these levels. While another drop might seem like an obvious move to me, the high short interest here could facilitate an upside squeeze if we don’t move down soon. The next few days will be interesting to say the least.

“CRV price may drop to $0.49”

According to the analyst, CRV could drop 17% to $0.49 from the $0.55 region where it is currently trading. The analyst uses Elliott Wave theory for this prediction.

Curve on Sunday, programming language Vyper 0.2. He said that several liquidity pools on the platform were exploited due to a vulnerability in 15. Users in the affected pools were told to withdraw their funds. Blockchain security infrastructure company BlockSec estimates the attack resulted in the theft of more than $41 million. As Kriptokoin.com, we have included the autopsy report of the attack in this article.

KAS rises 20% as CRV approaches short squeeze

KAS, the native cryptocurrency of the Kaspa ecosystem, has attracted a lot of attention recently. Its performance is quite impressive, even in a tough bear market. KAS, currently priced at 0.04792611, is up over 15% at one point today, according to CoinGecko data. It has climbed an impressive 23.3% over the past seven days.

The recent rise in Kaspa’s prominence was linked to a strategic move that set the stage for its extraordinary growth trajectory. The blockchain platform has successfully concluded a crowdfunding effort with a clear goal. For this, it has secured a prestigious Tier-1 Exchange listing for KAS.

The crowdfunding, which ended on August 2, was aimed at raising a substantial $30,000 by contributing in USDT and KAS tokens. Additionally, Kaspa’s Medium post highlights the purposeful allocation of funds raised through this ambitious campaign. The primary purpose of the funds raised is to meet the listing fee requirements set by the central exchange. CEX will use this substantial capital judiciously to organize a comprehensive and effective advertising campaign.

Aave price hit double digits

Aave fell 17% between July 30 and August 1, reaching $62. Some of the recent decline was linked to risks of cascading liquidation in DeFi protocols resulting from the Curve Finance hack that began on July 30. However, Aave’s decentralized liquidity protocol has successfully circumvented previous similar scenarios. Procured a substantial $295.6 million in Protocol Security Module.

As reported by Delphi Digital, Curve founder Michael Egorov currently has $76.6 million open positions in three DeFi applications, backed by 357.3 million Curve DAOs (CRVs). This represents 40.5% of all circulating CRV supply. It also raises concerns about potential liquidation repercussions on major protocols, including Aave, posing risks to the ecosystem.

Another factor affecting AAVE’s performance is stablecoin GHO, which has been trading for under $1 since its launch on July 16. The lack of DeFi integration and farming opportunities for the GHO is attracting new investors. Wan emphasizes that this selling pressure has led to the decline of the GHO stablecoin on decentralized exchanges.

AAVE takes the lead in TVL race

The Aave protocol currently has a significant $5.1 billion in total value (TVL) locked across six networks. However, it recently saw a 12.5% ​​drop in that number in just one week. By comparison, Uniswap’s and Compound’s TVL remained relatively stable at $3.75 billion and $2.23 billion, respectively.

However, according to DefiLlama data, Aave’s annual revenue stands at $12 million. It should be noted that this figure is significantly behind Convex Finance’s 52 million and Radiant’s 20 million dollars revenues.

These 5 altcoins need close monitoring in August

In the final section, let’s take a look at 5 altcoins that are showing positive signals for August.

Ripple (XRP)

XRP comes in fifth after Ripple’s victorious legal victory over the SEC. The positive result saw prices rise, then return lower, offering a potentially attractive entry point. XRP is in a good position to grow in August as Ripple embarks on a new journey.

Cardano (ADA)

ADA is currently trading in the $0.30 region. Its price remains low compared to the $3 ATH level. This leaves more room for recovery in the coming months.

Tron (TRX)

Tron, the ambitious project aimed at centralizing the internet, has shown a promising uptrend in TRX price. After a recent price correction from $0.077, it is poised to rise this month, according to Rudy Fares.

Stellar (XLM)

In second place is Stellar’s XLM project, which enables low-cost, fast cross-border transactions. Given the price correlation between XLM and XRP and the promising outlook of XRP, Stellar is expected to do the same.

Dogecoin (DOGE)

In first place is Dogecoin, the meme coin that took the world by storm. Twitter’s rebranding as X drew the concerned back to Doge. Now, rumors are swirling that Dogecoin may soon be accepted as a payment option on the platform. If this speculation turns out to be true, Dogecoin prices will potentially skyrocket.