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Crypto: 4 altcoins to avoid absolutely according to experts.

Sun 19 May 2024 ▪ 3 min of reading ▪ by Luc Jose A.
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The value of the altcoin market has exceeded the impressive mark of $276 billion, driven by the rise of Bitcoin beyond $66,000. In response to this surge, investors are turning to altcoins, hoping to capitalize on potential gains. However, CryptoBullet, a renowned crypto analyst, recommends caution. He warns against blind investments in altcoins despite the prevailing euphoria. He emphasizes that the market, though rising, is not immune to potential corrections. According to him, altcoins stuck between the Fibonacci levels of 0.382 and 0.236 might struggle to surpass their historical highs of 2021.

Les cryptos alternatives à éviter

Polkadot and Filecoin facing market challenges

Polkadot (DOT) is currently in a critical zone and may not surpass its 2021 all-time high. Despite a solid technological infrastructure and a dynamic ecosystem, current technical indicators suggest that the crypto might fall short of investor expectations in terms of future growth.

Filecoin (FIL) is also among the altcoins to avoid currently. Known for its decentralized storage solution, the asset is currently facing significant volatility as illustrated by daily charts. The crypto experienced a dramatic 30% drop last week. This underperformance places it among the cryptos that have lost the most on the market recently. With such pronounced fluctuations, Filecoin presents a high risk for investors, especially those seeking stable investments.

Attention to AXS and ADA cryptos

Axie Infinity (AXS), despite its innovative play-to-earn model that has attracted the attention of many players and investors, faces significant obstacles and fails to reach new heights. Currently, AXS crypto is trading at $7.3 with a market capitalization of $1 billion, but its current position suggests it might struggle to climb higher, reflecting the challenges of the blockchain-based gaming market.

Cardano’s ADA is also experiencing a difficult period. Its price has decreased by 25% over the past five months and is now stabilizing around $0.48. This performance suggests that this crypto might continue to struggle or even decrease further. Investments in ADA are particularly risky in the current climate.

Investors should thus exercise caution with these altcoins, which are showing signs of underperformance and may not reach new heights despite the overall bullish market. However, even though CryptoBullet’s forecasts are based on fairly accurate technical data, nothing is entirely certain and the crypto market always has surprises in store for us.

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Luc Jose A. avatar
Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.