Altcoins
4 altcoins to avoid at all costs according to experts
2.30pm ▪ 3 minute read ▪ by Luc Jose A.
The value of the altcoin market has surpassed the impressive mark of $276 billion, driven by Bitcoin’s growth above $66,000. In response to this surge, investors are turning to altcoins, hoping to capitalize on potential gains. However, CryptoBullet, a renowned crypto analyst, recommends caution. He warns against blind investments in altcoins despite the prevailing euphoria. He points out that the market, although growing, is not immune to potential corrections. According to him, altcoins stuck between the 0.382 and 0.236 Fibonacci levels may struggle to break out of 2021 all-time highs.
Polkadot and Filecoin grappling with market challenges
Polkadot (DOT) is currently in a critical zone and may not surpass its 2021 all-time high. Despite a solid technological infrastructure and a dynamic ecosystem, current technical indicators suggest that the cryptocurrency may not meet investor expectations in terms of growth future.
Filecoin (FIL) is also among them altcoins to avoid currently. Known for its decentralized storage solution, the asset is currently facing significant volatility as illustrated by the daily charts. Last week the cryptocurrency suffered a dramatic 30% drop. This underperformance places it among the cryptocurrencies that have lost the most on the market in recent times. With such pronounced fluctuations, Filecoin presents a high risk for investors, especially those looking for stable investments.
Be careful with AXS and ADA cryptocurrencies
Axie Infinity (AXS), despite its innovative play-to-earn model that has attracted the attention of many players and investors, faces significant obstacles and fails to reach new heights. Currently, the AXS cryptocurrency trades at $7.3 with a market capitalization of $1 billion, but its current position suggests it may struggle to climb higher, reflecting the challenges of the blockchain-based gaming market.
Cardano’s ADA is also experiencing a difficult period. Its price has declined by 25% over the past five months and is now stabilizing around $0.48. This performance suggests that this cryptocurrency may continue to struggle or even decline further. Investments in ADA are particularly risky in the current climate.
Investors should therefore pay attention to these altcoins, which are showing signs of underperformance and may not reach new highs despite the overall bull market. However, even if CryptoBullet’s predictions are based on fairly accurate technical data, nothing is entirely certain and the cryptocurrency market always reserves surprises for us.
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Luc Jose A.
Graduated in Science Po Tolosa and holder of a blockchain certification consultant issued by Alyra, I returned to participate in Cointribune in 2019. Capturing the potential of blockchain to transform numerous sectors of the economy, I have made a commitment to raise awareness and inform the great public about this constantly evolving ecosystem. My goal is to allow anyone to better understand blockchain and learn about the opportunities it offers. I strive every day to provide an objective analysis of current events, to decipher market trends, to convey the latest technological innovations and to put into perspective the economic and social efforts of this revolution in brands.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be relied upon as investment advice. Do your research before making any investment decisions.