The cryptocurrency market added nearly $40 billion to its total market cap in the last seven days. Thus, the market is trading in a cautious uptrend. As always, there are many opportunities to explore in the market. In addition, next week ‘stay away!’ There are also cryptocurrencies that give signals. Crypto expert Vinicius Barbosa turns projections into 3 altcoin projects from these.
Bitcoin and altcoin market show an upward trend
cryptokoin.comAs you follow from , the upward trend in the market continues for now. Value investors will often make profits by buying or holding projects with good fundamentals. Meanwhile, technical analysis indicators can help identify good entry and exit points. TradingView’s total crypto market cap index proves that bullish channel as the current trading range. There are two divergences on the chart, both up and down the trend. The first one took place on October 27, and while the index dropped to $1.21 trillion, the second one increased the market value to $1.29 trillion.
However, even during a solid uptrend, crypto traders and investors can benefit from learning which projects to avoid buying at any given moment. Taking this into consideration, we have identified 3 altcoins based on leading indicators.
First in line is SafeMoon (SFM), the meme coin targeted by the SEC
On November 1, the Securities and Exchange Commission (SEC) accused the SafeMoon (SFM) team of “operating a massive fraud scheme.” This led us to put the token among the three altcoins you should stay away from next week. So, it made getting the token listed an easy choice!
Following the news, SFM lost more than 70% of its value. The altcoin fell from $0.000201 to $0.000043. Interestingly, SafeMoon is up 36% on the day. However, this shows the risk of an exit move by speculators. Therefore, it would be beneficial for investors not to invest in the asset due to the high risk.
Second ranked altcoin: THORChain (RUNE)
Interestingly, THORChain (RUNE) makes it onto this list despite having good fundamentals and showing strength in the medium to long term. The interoperability network has attracted the attention of crypto investors and enthusiasts by offering reliable cross-currency services in a decentralized manner. However, its price is testing a key resistance at $3.16 on the weekly chart. This zone has acted as an important price support in the past. It also showed strong resistance for five consecutive weeks in 2022 and was subsequently rejected.
Additionally, the Relative Strength Index (RSI) indicates an “Overbought” condition at 77 points. All things considered, buying RUNE next week appears to be a high-risk trade as the price could rebound in the short term. However, it is also possible that a breakout from the current area could start an aggressive bull market for the altcoin.
There is an interesting name in the last row: Solana (SOL)
Solana (SOL) is another altcoin you should stay away from, especially in the coming week. Solana showed great strength in 2023 as well. It has also been among the best-performing cryptos year-to-date. Recently, SOL has also demonstrated its strength among the top gainers in both the last 30 and the last seven days. The token is trading at $39.72 at the time of writing. SOL is also showing “Overbought” signals on the RSI. Moreover, it has been hovering above the 75 threshold for several days. In addition, technical analysts are pointing to an imminent price correction for Solana. Meanwhile, steady SOL sales continue to come in from FTX and Alameda. Additionally, more than $160 million of tokens are still awaiting liquidation.
The opinions and predictions in the article belong to the expert and are definitely not investment advice. Before investing, we strongly recommend that you do your own research.
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