Stay Away From These 3 Altcoin Projects Next Week!

The cryptocurrency industry offers numerous opportunities for traders and investors. However, it is very important to acknowledge the risks inherent in this industry. Crypto analyst Vahid Karaahmetovic says that some cryptocurrencies have great potential. However, he states that some should be cautious in the near future. In this context, the analyst explains 3 altcoins that investors and traders should be careful about next week.

First up is the meme coin Pepe (PEPE)

Earlier this year, the meme coin witnessed an astronomical price increase. Given this situation, it is normal for some to be surprised that PEPE is on this list. But it’s important to remember that the prices of most meme-inspired cryptocurrencies are driven by social media hype. In other words, these entities rely solely on internet memes for branding and marketing.

Moreover, cryptocoin.comAs you follow, even the team behind the PEPE project describes this asset as “a meme coin with no real value or expectation of financial returns.” This basically means that such altcoin trading is more of a gamble than a trade. At the time of this writing, PEPE was trading at $0.000001659, up 4.65% on the day. On a monthly basis, the meme coin rose about 87%.

Despite its recent returns, there’s no evidence that its recent gains won’t be wiped out, as it did after its record-breaking rally earlier this year. Therefore, it is better to stay away from the PEPE trade.

Second-ranked altcoin: Kusama (KSM)

Kusama (KSM) is once again on the altcoin list to be careful when trading. This is not surprising at all. Labeled as a “canary network” for Polkadot (DOT), KSM continues to receive poor reviews on crypto rating platforms. Specifically, Kusama was rated ‘E’ or ‘very weak’ on Weiss Ratings, a platform focused on providing risk/reward ratings for hundreds of cryptocurrencies. Evaluations are based on technology adoption and market performance ratings of a particular asset.

At press time, KSM was changing hands at $24.74, up 2.2% on the day. The altcoin has gained 3.4 percent in the past week and more than 18% over the month. However, in the past year, KSM has lost 46% of its value. It also outperformed nearly 90% of the top 100 cryptoassets during this period. Currently, Kusama is trading below its 200-day simple moving average (MA). This shows that its average price over the last 200 days is currently lower than its current price. So, it potentially points to a bearish trend.

Last ranked altcoin NEAR Protocol (NEAR)

Near Protocol (NEAR) is a decentralized application (dApp) platform focused on bringing decentralized finance (DeFi) to the masses. Like KSM, NEAR has a poor rating on Weiss due to a weak ‘D’ rating in terms of both market performance and technology adoption. At press time, NEAR was trading at $1.50, up over 2.5% on a daily basis. The altcoin has gained around 10% in the past week. Monthly earnings, on the other hand, were over 25%.

NEAR tokens dropped below $1.30 earlier this month. So, at the end of the second quarter, the treasury of the protocol fell sharply to $900 million. The altcoin fell behind 94% of the top 100 assets last year.

In the face of the challenges faced by the above digital assets, it is crucial to acknowledge the dynamic nature of the crypto industry. It is possible for the environment to evolve rapidly. Therefore, it is essential to be careful and conduct extensive research in order to make informed investment decisions.

The opinions and estimates in the article belong to the analyst and are not investment advice.

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