The cryptocurrency market is a vibrant hub of diverse assets, each with their own unique characteristics and potential appeal to investors. However, different crypto assets offer different investment opportunities. Meanwhile, there are some periods in the market when investors need to be careful. Crypto analyst Vahid Karaahmetovic has identified 3 altcoins that investors should stay away from.
The first altcoin to stay away from: Huobi Token (HT)
Huobi Token (HT) is a native token issued by Seyschelles-based crypto exchange Huobi. Unfortunately, according to Weiss Crypto Ratings (WCR), HT was rated ‘D’ for market performance and ‘poor’ for technology adoption and ‘D+’ for technology adoption. Therefore, the prospects for this altcoin project are currently quite low.
Similarly, sentiment around HT on the 1-week indicators of financial monitoring platform TradingView is also bearish. Accordingly, sentiment suggests a ‘strong sell’ at 14. Specifically, this result is a summary of moving averages (MAs) standing in the ‘strong sell’ zone at 12 and oscillators showing ‘neutral’ at 9.
According to press time, Huobi Token was trading at $2.8, up 0.6% in the last 24 hours. However, it has lost more than 3.4% in the past week and nearly 42% since the beginning of the year.
Algorand (ALGO) comes in second place
According to blockchain intelligence firm IntoTheBlock, things are not so good for Algorand (ALGO), which has pushed almost all holders to the red. In particular, 99.99% of investors holding ALGO are at a loss.
Similarly, the summary of TradingView’s 1-week indicator for ALGO points to ‘strong sell’ at 14 and ‘neutral’ at 9 of MAs and oscillators, respectively. Therefore, sentiment shows ‘strong selling’.
Meanwhile, the altcoin rallied around 1% to $0.92 on the day. However, it saw losses of over 15% and 24% on a weekly and monthly basis, respectively.
Last altcoin to stay away from: Filecoin (FIL)
FIL, the native token of the decentralized storage network Filecoin, is rated ‘very weak’ or ‘E+’ on Weiss Ratings when it comes to its technological development and adoption, and ‘D+’ for market performance. cryptocoin.comLike many other crypto assets, the FIL has recently been labeled ‘securities’ by the US Securities and Exchange Commission (SEC).
On TradingView, the FIL drew the most obvious bearish sentiment in the 1-week indicator. Also, a summary of technical indicators suggests ‘strong sell’ at 16. This is based on MAs showing ‘strong sell’ area at 14 and oscillators showing ‘neutral’ at 9.
At press time, the FIL was down 0.59% at $4.10. The altcoin has seen its price drop over 12% in the past week and more than 9.7% in the month.
The opinions and recommendations in the article belong to the analyst and are not investment advice. Therefore, we recommend that you do your own research before investing and trading.
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