Altcoins
Analyst reveals the 4 best Altcoins to abandon before they collapse
The altcoin market has soared past a whopping $276 billion, fueled by Bitcoin’s rise above $66,000drawing investors’ attention to the potential gains in alternative cryptocurrencies.
However, renowned crypto analyst CryptoBulle urges caution against hasty investments amid this bullish wave, reminding us that market corrections remain a possibility.
Here’s what he revealed.
What’s up with Altcoins?
CryptoBulle’s insights offer a glimpse into the intricate world of altcoins, highlighting that those stuck between the 0.382 and 0.236 Fibonacci levels may struggle to break out of 2021 highs.
Altcoins under scrutiny
Polka Dot ($DOT): Despite boasting a strong ecosystem and advanced technology, Polkadot’s current Fibonacci analysis suggests that it may face challenges in reclaiming its previous all-time high.
Filecoin (FIL): Positioned as a decentralized storage solution, The Filecoin Market shows significant volatility on daily charts. Unfortunately, Filecoin finds itself among the biggest losers, suffering a steep 30% decline in the last week alone.
Axie Infinity (AXS): Known for its “play to earn” model, Axie Infinity has seen impressive growth. However, its current position suggests there are potential obstacles in overcoming previous peaks. Currently, AXS trades at $7.3, with a market capitalization of $1 billion.
Cardan (ADA): Cardano, a popular Proof-of-Stake blockchain, is in the throes of a bearish trend. At the beginning of May 2024, the price of ADA was hovering around $0.48, marking a 25% drop. in the last five months. Analysts speculate that ADA could continue on a downward trajectory or move sideways.
Investors, stay cautious!
These highlighted altcoins are at risk of further price drops, making them less attractive to investors looking for entry points. CryptoBulle’s meticulous analysis highlights the importance of strategic investment approaches based on technical indicators such as Fibonacci retracement levels.
On the bright side, CryptoBulle identifies four amazing altcoins ready to enhance your investment portfolio.
Read here: Top Analysts Predict These 4 Altcoins to Break All-Time Highs in 2024!