Crypto Trader Says One DeFi Altcoin Is an ‘Absolute Steal’, Updates Outlook on Compound and Axie Infinity
A popular crypto trader says that the native asset of the lending and borrowing platform Aave (AAVE) may surge to around $300 by the second quarter of 2023.
Altcoin Sherpa tells his 182,700 Twitter followers that buying AAVE as it trades sideways could be an absolute steal given the huge upside potential.
“AAVE: Eventually this is going to be an absolute steal at these prices.
-Most of the emissions are out already/not much more sell pressure relatively
-Huge TVL [total value locked] still
-Still one of the best bluechip DeFi [decentralized finance] coins
-Long history of being battle tested.
Wait for consolidation.”
At time of writing, the decentralized finance (DeFi) altcoin is changing hands for $88.30, up 2% on the day.
He says the governance token of the decentralized lending platform Compound (COMP) also offers active traders potentially favorable returns. The crypto asset is up 1% in the past 24 hours, currently trading for $48.50.
“Even though most DeFi tokens died since 2021, there are still lots of good opportunities for active traders. An example is COMP, which has had several bear market rallies.
That said, if you’re a passive investor, best to just scale into BTC and ETH [in my opinion].”
The trader is cautious about buying the token of the non-fungible token (NFT)-based gaming platform Axie Infinity (AXS) citing uncertainties in this crypto sector. The token is valued at $13.77 at time of writing, a nearly 3% positive change on the day.
“AXS: Haven’t looked at this chart in a while. I do think gaming is going to be very strong in the future but unsure how the [play-to-earn] narrative will go. [To be determined] if this is accumulation or just another pause before one more leg down, the trend is still bearish so I wouldn’t rush in.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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