Top Analysts Says 4 Altcoins You Should Avoid at All Costs!
The post Top Analysts Says 4 Altcoins You Should Avoid at All Costs! appeared first on Coinpedia Fintech News
As the altcoin market value surpasses $276 Billion, driven by Bitcoin’s surge above $66,000, investors are eyeing altcoins for potential gains. Renowned crypto analyst CryptoBulle warns against blindly investing in all altcoins amidst this bullish trend. Despite the bullish trend, the market remains susceptible to corrections.
Altcoins Unlikely to Break ATH
CryptoBulle suggests that altcoins still between the 0.382 and 0.236 Fibonacci levels are unlikely to break their 2021 all-time highs.
“Draw the Fibs from top to bottom. The ones still between 0.382-0.236 likely won’t make it above their 2021 highs,” CryptoBulle tweeted, highlighting weak coins in this category.
Polkadot ($DOT): Despite its robust ecosystem and innovative technology, Polkadot’s current Fibonacci levels suggest it may struggle to reach its previous ATH.
Filecoin (FIL): While offering a decentralized storage solution, Filecoin’s market shows significant volatility on a daily chart. Unfortunately, Filecoin has emerged as one of the biggest losers in the market, having dropped 30% in the past week.
Axie Infinity (AXS): Known for its play-to-earn model, Axie Infinity has experienced substantial growth. However, its current position suggests potential challenges in reaching new highs. As of now, AXS is trading at $7.3 with a market cap of $1 billion.
Cardano (ADA): Cardano a popular Proof-of-Stake blockchain, has recently been facing a bearish trend. As of early May 2024, ADA’s price hovered around $0.48, reflecting a 25% decline over the past five months. Analysts suggest that ADA might either break down further or continue moving sideways.
Caution for Investors
These altcoins are at risk of further price drops and may not offer a profitable entry point for investors at this time. CryptoBulle’s analysis underscores the importance of strategic investment decisions based on technical indicators like Fibonacci retracement levels.
On the flip side, CryptoBulle even has identified four top altcoins that should be included in your investment portfolio. These altcoins have the potential to break their all-time highs in the upcoming altcoin season.
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