Investing in cryptocurrencies and trading crypto is risky. Therefore, it is very important for investors to know which projects they should purchase. However, besides that They also need to know which ones to stay away from. It is possible that this will save investors from suffering huge losses. Crypto analyst Vinicius Barbosa has identified 3 altcoins that investors and traders should pay attention to next week.
Meme coin comes first Pepe (P.E.PE) exists
In particular, meme coin Pepe (PEPE) has lost more than 100 million dollars of its market value in the last month. During this period, the altcoin price dropped to $0.0000006 on September 21. The same fundamentals that motivated last month’s listing still apply to the ‘Pepe the Frog’ token. However, PEPE remains among the biggest gainers of the day at the time of writing, with gains exceeding 10% in the last 24 hours and 30% in the last seven days. This creates a good opportunity for former owners to implement their exit strategies.
It is possible that the price of PEPE will continue to rise in the short term as the current volatility may attract fresh capital. However, after the current relief, there is a high probability that last month’s downward trend will continue for the altcoin.
In second place is altcoin Bluzelle (BLZ)
According to multiple reports from analytics platform SpotOnChain, Bluzelle (BLZ) presents itself as a “decentralized storage network for the creative economy,” and its price has been heavily impacted by DWF Labs’ market making lately. Altcoin price reacts instantly to purchases and sales of DWF. This creates higher risks for individual investors. Moreover, Coinglass’s Relative Strength Index (RSI) also classifies Bluzelle as overbought on a 1-week time frame. This means that the altcoin price will see a correction at any time, based on this TA indicator alone.
Interestingly, Tron (TRX), THORChain (RUNE), LeverFi (LEVER) and Aragon (ANT) are also identified as overbought. So, a safer approach for investors might be to avoid buying them, although a deeper analysis is necessary considering other factors.
The last ranked altcoin is Mixin (XIN)
Earlier this week, the database of cloud service provider Mixin Network (XIN) was attacked by hackers. As you follow from Kriptokoin.com, the altcoin project lost over $200 million in crypto assets.
[Announcement] In the early morning of September 23, 2023 Hong Kong time, the database of Mixin Network’s cloud service provider was attacked by hackers, resulting in the loss of some assets on the mainnet. We have contacted Google and blockchain security company @SlowMist_Team…
— Mixin Kernel (@MixinKernel) September 25, 2023
This development caused investors to lose confidence in the project. That’s why the altcoin has lost more than 25% of its value in the last seven days.
The Mixin team stated that the losses were actually lower than they had previously expected. Despite this, according to a post they made, they still recommend traders and users not to use the network for trading or creating markets. This brings XIN into the list of three altcoins you should stay away from next week.
The opinions and recommendations in the article belong to the analyst and are definitely not investment advice. We strongly recommend that you do your own research before investing.
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