Altcoins
Analyst Reveals Top 4 Altcoins to Ditch Before They Crash
The altcoin market has surpassed $276 billion, fueled by Bitcoin’s rise past $66,000, focusing investors’ attention on the potential gains of alternative cryptocurrencies.
However, renowned crypto analyst CryptoBulle calls for caution against hasty investments amid this bullish wave, reminding us that market corrections remain a possibility.
Here’s what he revealed.
What’s new with Altcoins?
Insights from CryptoBulle offer insight into the complex world of altcoins, highlighting that those stuck between the 0.382 and 0.236 Fibonacci levels may struggle to surpass their 2021 highs.
Altcoins under scrutiny
Polka Dots ($DOT): Despite a strong ecosystem and cutting-edge technology, Polkadot’s current Fibonacci analysis suggests that it may struggle to regain its previous all-time high.
Filecoin (FIL): Positioned as a decentralized storage solution, The Filecoin Market displays significant volatility on the daily charts. Unfortunately, Filecoin finds itself among the big losers, suffering a steep decline of 30% in the last week alone.
Axie Infinite (AXS): Known for its play-to-earn model, Axie Infinity has seen impressive growth. However, its current position portends potential obstacles to surpassing previous highs. Currently, AXS is trading at $7.3, with a market cap of $1 billion.
Cardano (ADA): Popular proof-of-stake blockchain, Cardano is struggling with a downtrend. In early May 2024, the price of ADA was hovering around $0.48, marking a 25% drop over the last five months. Analysts believe that ADA could either continue on a downward trajectory or move sideways.
Investors, stay cautious!
These highlighted altcoins face the risk of further price declines, 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 noteworthy altcoins ready to enhance your investment portfolio. Read about it here: Top Analysts Predict These 4 Altcoins Will Break All-Time Highs in 2024!