Altcoin
Top Analysts Say 4 Altcoins You Should Avoid at All Costs!
As the market value of altcoins surpasses $276 billion, driven by Bitcoin’s surge above $66,000, investors are keeping an eye on altcoins for potential gains. Renowned crypto analyst CryptoBulle warns against blindly investing in all altcoins in this uptrend. Despite the bullish trend, the market remains susceptible to corrections.
Altcoins are unlikely to outperform ATH
CryptoBulle suggests that altcoins still between the 0.382 and 0.236 Fibonacci levels are unlikely to break out of 2021 all-time highs.
“It draws lies from top to bottom. Those still between 0.382 and 0.236 will likely not break above 2021 highs,” CryptoBulle tweeted, highlighting weak coins in this category.
Polka Dot ($DOT): Despite its robust ecosystem and innovative technology, Polkadot’s current Fibonacci levels suggest it may struggle to reach its all-time high.
Filecoin (FIL): While offering a decentralized storage solution, The Filecoin market appears significant volatility on a daily chart. Unfortunately, Filecoin has emerged as one of the biggest losers in the market, having lost 30% in the last week.
Axie Infinity (AXS): Known for its “play to earn” model, Axie Infinity has seen substantial growth. However, its current position suggests potential challenges in reaching new highs. As of today, AXS is trading at $7.30 with a market capitalization of $1 billion.
Cardan (ADA): Cardano, a popular Proof-of-Stake blockchain, has recently faced a bearish trend. As of early May 2024, the price of ADA was hovering around $0.48, reflecting a 25% decline. in the last five months. Analysts suggest that ADA could fall further or continue to move sideways.
Attention for investors
These altcoins are at risk of further price declines and may not currently offer a profitable entry point for investors. CryptoBulle analysis highlights the importance of strategic investment decisions based on technical indicators such as Fibonacci retracement levels.
On the other hand, CryptoBulle did identified four major altcoins which should be included in your investment portfolio. These altcoins have the potential to surpass their all-time highs in the next altcoin season.