The altcoin market tends to rebound after a few tough weeks. However, the situation is not developing in the same direction for all cryptocurrencies. In this article, let’s take a look at some of the projects investors should stay away from in the short term, from financial expert Julia Magas’ list.
It might make sense to stay away from these 3 altcoins in the short term
Filecoin (FIL)
The high-risk Filecoin (FIL) is facing its challenges leading to potential selloffs. Indeed, its poor performance has continued over the past few months. Investors saw little improvement as the downward price trend continued. Notably, in just two weeks, Filecoin has dropped over 30%.
Technical analysis reveals that there has been no bullish momentum since September 2021. Filecoin is showing a steady bearish trend, confirmed by the bearish moving averages on the 4-hour chart. In June, the market structure clearly shows a series of lower highs and lower lows. After the recent recovery, it has seen some correction today. In particular, the fact that it is one of the cryptocurrencies declared as securities under SEC lawsuits poses more risk.
Axie Infinity (AXS)
Axie Infinity (AXS) has garnered significant attention in the crypto market throughout 2021. But the latest regulatory review has raised concerns among investors. The price of AXS has dropped more than 36% in just two weeks, hitting two-year lows. This indicates a decline in investor confidence. The SEC’s classification of AXS as a potential security caused its value to plummet.
Pending US court orders, possible escalating regulations, and delisting from US platforms are building risks to AXS’ demand and liquidity. Therefore, AXS investors should exercise caution as regulatory changes unfold. AXS is currently moving sideways to the $5.5 region after the last rally.
BNB Coin (BNB)
Binance’s cryptocurrency, BNB, has faced a sharp decline following the SEC lawsuit. The lawsuit alleges that Binance was involved in an illegal operation in the US. This decline reflects continued pressure from US regulators on crypto companies.
Specifically, BNB dropped 9.82% on June 12 to a two-month low of $275.29. The drop comes after the SEC’s lawsuit, which is the second complaint filed by the FOMC against Binance after the first.
As reported by CoinGecko, the value of BNB has dropped by about 12% in the past week. Prior to that, it had lost over 18% since April. The downward trend is compounded by increasing pressure from authorities in other countries. cryptocoin.comAs you follow, Binance has ceased operations in the Netherlands and Cyprus and is reportedly under investigation for “aggravated money laundering”.
What’s next for BNB?
Considering the challenges Binance is facing, the downward pressures for BNB coin continue. This makes BNB the cryptocurrency that completes our list of tokens to sell.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your own research and due diligence before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.