Closely-followed trader and crypto strategist Josh Rager is eyeing a handful of decentralized finance (DeFi) assets along with a small number of cryptocurrencies that he deems worthy to hold long term.
In a new tweet, Rager says he sold some of his positions on altcoins that he doesn’t want to hold for the next 12 months. The trader says he feels secure in making long-term investments in Bitcoin (BTC), Ethereum (ETH), and Chainlink (LINK), Zcash (Zec), and Polkadot (DOT).
Rager’s optimism in the top cryptocurrency comes as Bitcoin bulls stepped up and successfully defended key support of $10,000.
Nice reaction after holding $10k support pic.twitter.com/FswErt02wK
— Josh Rager ? (@Josh_Rager) September 7, 2020
In addition, Rager is detailing eight DeFi projects with “high upside” potential – YF Link (YFL), Antiample (XAMP), Tokens of Babel (TOB), Astro (ASTRO), Sushi (SUSHI), Serum (SRM), yearn.finance (YFI), and Shroom.Finance (SHROOM).
The crypto strategist appears to be particularly bullish on Sushi, which he believes will continue to flourish despite its tumultuous week, which included an anonymous founder selling 13 million tokens before handing the keys over to FTX CEO Sam Bankman-Fried.
“SUSHI. Keys were just handed over to Alameda and you really think this is still going to die? He’s literally going to help build another dex with this. Trendlines are subjective but regardless of how you draw it, the downtrend has been broken. Watching for a close above $4.50.”
Although Rager believes in the long-term potential of a few DeFi protocols, he warns his 84,000 Twitter followers that the nascent sector is also a new playground for bad actors.
“Scams and rigged projects continue to get more sophisticated. So I apologize for bringing this one up to check out. If you don’t think SYFI was rigged, [then] that’s fine, this is my personal opinion and I don’t want to be a part of it. But be careful.”
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/Krivosheev Vitaly