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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- May 17, 2024 09:21 UTC
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Analyst Reveals Top 4 Altcoins to DITCH Before They Crash
Analyst warns against blindly buying altcoins during a bull market.
CryptoBulle suggests using Fibonacci retracement levels to identify weak altcoins unlikely to reach previous highs.
Analyst mentions several altcoins (DOT, FIL, AXS, ADA) that might struggle based on current technical analysis.
The altcoin market has surged past a whopping $276 billion, fueled by Bitcoin’s climb beyond $66,000, drawing investors’ attention to potential gains in alternative cryptocurrencies.
However, renowned crypto analyst CryptoBulle urges caution against hasty investments amidst this bullish wave, reminding us that market corrections remain a possibility.
Here’s what he revealed.
What’s Up With Altcoins?
CryptoBulle’s insights offer a glimpse into the intricate world of altcoins, pointing out that those stuck between the 0.382 and 0.236 Fibonacci levels might struggle to surpass their 2021 peaks.
Altcoins Under Scrutiny
Polkadot ($DOT): Despite boasting a strong ecosystem and advanced technology, Polkadot’s current Fibonacci analysis suggests it could face challenges in reclaiming its previous all-time high.
Filecoin (FIL): Positioned as a decentralized storage solution, Filecoin’s market displays significant volatility on daily charts. Unfortunately, Filecoin finds itself among the major losers, suffering a steep 30% drop in the past week alone.
Axie Infinity (AXS): Known for its play-to-earn model, Axie Infinity has seen impressive growth. However, its current position hints at potential hurdles in surpassing previous peaks. Currently, AXS trades at $7.3, with a market cap of $1 billion.
Cardano (ADA): A popular Proof-of-Stake blockchain, Cardano is grappling with a bearish trend. By early May 2024, ADA’s price hovered around $0.48, marking a 25% decline over the past five months. Analysts speculate that ADA might either continue on a downward trajectory or move sideways.
Investors, Stay Cautious!
These highlighted altcoins face the risk of further price drops, making them less attractive for investors seeking entry points. CryptoBulle’s meticulous analysis underscores the importance of strategic investment approaches grounded in technical indicators like Fibonacci retracement levels.
On the bright side, CryptoBulle identifies four standout altcoins poised to enhance your investment portfolio.
Read about it here: Top Analysts Predict These 4 Altcoins Will Shatter All-Time Highs in 2024!
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