A prominent crypto analyst and trader is calling out a new altcoin that he believes is massively undervalued.

The pseudonymous analyst The Crypto Dog tells his 224,000 Twitter followers that the DeFi asset CREAM has a remarkably small market cap given its potential.

“Built a CREAM position recently, I think this one is massively undervalued sitting at a $100 million market cap and >$300 million total value locked right now and people are about to start noticing.”

CREAM is a peer-to-peer DeFi ecosystem that allows users to borrow supported crypto assets, stake tokens to earn rewards and exchange cryptocurrencies. It’s also designed to help provide liquidity to assets that are not usually listed in major exchanges in an effort to boost financial inclusion.

The crypto strategist is also bullish on Bitcoin (BTC) and thinks bears are done doing damage.

“The hard part is over. After spending the last few days getting into positions, now all we have to do is hold our longs and watch the profits roll in. Comfy.”

Looking at Ethereum (ETH), the analyst believes that it’s only a matter of time before the second-largest cryptocurrency trades above $400.

In addition, the trader says he’s long on three other DeFi assets: yearn.finance (YFI), Synthetix Network Token (SNX), and Aave (LEND). He’s particularly bullish on YFI which is currently trading at $39,320 according to CoinMarketCap.

“It will soon be prohibitively expensive to own one ‘whole’ YFI.” 

The trader is also keeping a close eye on Aave which he says is following the footsteps of yearn.finance en route to printing a new all-time high soon.

While he’s bullish on the three DeFi coins, he says he won’t hesitate to let go of his holdings should Ethereum fail to stay above a key level.

“Still long most positions from last week – ETH, YFI, SNX, LEND. Bullish at this support, though I would cut everything if ETH can’t hold $360.”

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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.

Featured Image: Shutterstock/GrandeDuc

(Excerpt) Read more Here | 2020-09-15 00:05:16
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