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05/17/2024

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Top Analyst Warns: Avoid These 4 Altcoins at All Costs!

As the altcoin market value exceeds $276 billion, driven by Bitcoin's surge above $66,000, investors are eyeing altcoins for gains. Crypto analyst CryptoBulle warns against blindly investing in all altcoins despite the bullish trend, noting the market's susceptibility to corrections.

Top Analyst Warns: Avoid These 4 Altcoins at All Costs!

As the altcoin market value exceeds $276 billion, driven by Bitcoin’s surge above $66,000, investors are eyeing altcoins for gains. Crypto analyst CryptoBulle warns against blindly investing in all altcoins despite the bullish trend, noting the market’s susceptibility to corrections.

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CryptoBulle advises caution with altcoins between Fibonacci levels 0.382 and 0.236. Filecoin’s daily chart shows significant volatility, dropping 30% in the past week. Cardano faces a bearish trend, with ADA trading at $0.48, down 25% in five months.

CryptoBulle’s Warning on Altcoins

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.

Altcoins to Watch: Potential Struggles Ahead

Polkadot ($DOT): Despite its robust ecosystem and innovative technology, Polkadot’s current Fibonacci levels suggest it may struggle to reach its previous all-time high.

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Filecoin (FIL): Offering a decentralized storage solution, Filecoin’s market shows significant volatility on the daily chart. It 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. AXS is currently trading at $7.3 with a market cap of $1 billion.

Cardano (ADA): A popular Proof-of-Stake blockchain, Cardano 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.

Altcoins at Risk and Potential Investment Opportunities

At-Risk Altcoins: 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.

Promising Altcoins: On the flip side, CryptoBulle 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.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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