Top Analysts Warn Against Investing in These 4 Altcoins Under Any Circumstances!
Article Rewrite:
Key Points:
– CryptoBulle advises caution when investing in altcoins between Fibonacci levels 0.382 and 0.236.
– Filecoin has experienced significant volatility, dropping 30% in the past week.
– Cardano is facing a bearish trend, with ADA trading at $0.48, down 25% in the last five months.
– Altcoin market value has surpassed $276 billion, driven by Bitcoin’s surge above $66,000.
– CryptoBulle warns against blindly investing in all altcoins during this bullish trend and highlights the market’s susceptibility to corrections.
As Bitcoin’s price surpasses $66,000 and the altcoin market value reaches over $276 billion, investors are turning their attention to altcoins in search of potential gains. However, renowned crypto analyst CryptoBulle advises caution and warns against blindly investing in all altcoins during this bullish trend. Despite the market’s positive momentum, it remains vulnerable to corrections.
CryptoBulle suggests that altcoins currently positioned between the 0.382 and 0.236 Fibonacci levels are unlikely to surpass their all-time highs from 2021. In a tweet, CryptoBulle explains that coins within this range are considered weak and are unlikely to break their previous highs. They recommend drawing Fibonacci retracement levels from top to bottom to identify these coins.
For example, Polkadot (DOT), despite its robust ecosystem and innovative technology, may struggle to reach its previous all-time high based on its current Fibonacci levels. Similarly, Filecoin (FIL), which offers a decentralized storage solution, has experienced significant volatility in its market. Unfortunately, Filecoin has been one of the market’s biggest losers, dropping 30% in the past week.
Axie Infinity (AXS), known for its play-to-earn model, has seen substantial growth but may face challenges in reaching new highs based on its current position. As of now, AXS is trading at $7.3 with a market cap of $1 billion.
Cardano (ADA), a popular Proof-of-Stake blockchain, has been facing a bearish trend recently. 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 may either experience further decline or continue moving sideways.
Investors should exercise caution when considering these altcoins, as they are at risk of further price drops and may not provide a profitable entry point at this time. CryptoBulle’s analysis emphasizes the importance of making strategic investment decisions based on technical indicators like Fibonacci retracement levels.
On the other hand, CryptoBulle has also identified four top altcoins that they believe should be included in investors’ portfolios. These altcoins have the potential to break their all-time highs during the upcoming altcoin season.