Watch Out For These 6 Altcoin Projects That Selloff Can See: Here Are the Signals!

Altcoin: After a devastating altcoin era in the cryptocurrency market, many observers wonder if current prices are the bottom for cryptos. While not a popular opinion, investors use this time to consider selling cryptocurrencies strongly. Most likely, traders will go through a bit of a rough time before they can make a profit again.

Warning signals pose danger to altcoin!

All tradable assets stocks, commodities and cryptos follow the tides of free market forces. It would be a sentimental idea to assume that altcoins are somehow exempt. Also more importantly, investors should consider the fundamentals. As we have reported as AmkNews, the signals we have mentioned are very important. These signals will help us to have an idea about the direction of the market.

Ethereum (ETH)

The number 2 cryptocurrency in terms of market cap is Ethereum. According to the current price, although 49 percent of ETH investors are holding, 48 percent have lost. Accounting for risk is important for ETH, as further bearish shocks risk irritating the market’s weaker hands. According to the recently announced reports, the top ETH holders total is around 40 percent.

Some of the big crypto holders are institutional investors who aren’t in the hodl business for the sake of memes. Unlike the current state of the market, they want to make money. Of course, they don’t want to lose what they have. But if the industry becomes more volatile, the feared scenario may materialize. Also, total crypto outflows away from ETH wallets currently slightly exceed inflows. This proves that not everyone behaves the same way.

Tether (USDT)

Tether (USDT)

First of all, for starters, among all the cryptos you can buy, it is not normally possible to profit from Tether. USDT, as a stablecoin, is pegged to the US dollar. In this sense, it only acts on the actions of the Federal Reserve.

Second, and more importantly, it’s always possible for Tether to go to zero. Interestingly, since May 11, USDT has never held a 1-to-1 peg with the dollar. But one thing is for sure, when it comes to cryptos, it is better to be safe than an insecure stablecoin.

Cardano (ADA)

Cardano (ADA)

It is thought that Cardano will rise to higher heights upon its development on Blockchain. Technical signals suggest that ADA is mostly in an uptrend. Compared to other cryptos, ADA’s price action has remained relatively stable over the past month. This means that the current price point is pretty close to its 50-day moving average.

If we look closely, firstly, cryptocurrencies tend to trade in correlation with each other. Second, there is no fundamental reason why ADA should outperform other top digital assets. Finally, there is nothing to prevent ADA from falling, especially if institutional players leave the market.

Ripple (XRP) altcoin

Ripple (XRP)

The subject of a lawsuit filed by the Securities and Exchange Commission, XRP continues to follow a strange path. If Ripple Labs, the creator of XRP, successfully emerges from the courtroom battle, the cryptocurrency will have legal clarity and give it an edge over other cryptos. However, it is impossible to predict how these cases will turn out.

Legal developments are probably just getting started for cryptos. This adds complexity to everything related to Blockchain, not just XRP. Investors exit their XRP holdings and cash out. At the time of writing, the number of sell orders is $122.51 million. Also, purchase orders are $137 million. The overall trend shows that bearish pressure is clouding XRP as the buying board is constantly fluctuating.

Solana (SOL) altcoin

Solana (SOL)

While cryptos have been falling a lot lately, not every name in the industry seems so pessimistic. For example, Solana has gained nearly 28 percent since the morning hours of June 21. By comparison, Bitcoin and Ethereum dropped 6.5 percent and 4.35 percent, respectively. However, this short-term performance alone will not be enough to change the picture for SOL.

In the near term, Solana and other cryptos are quite likely to bounce higher as a reactionary move. Solana has been struggling to break above her 50 DMA since early December last year. Also, the current price is well behind its 200 DMA.

Dogecoin (DOGE) altcoin

Dogecoin (DOGE)

Although often derided as a memecoin, the ever-loved Dogecoin actually ranks in the crypto top 10 in terms of market cap. It also performed very well, gaining 16 percent in the last week. Basically, the hodl rate of these altcoin traders is quite high. DOGE is definitely worth a look in this sense.

66 percent of DOGE owners are profitable. However, if DOGE holders feel pressure for the market to decline, they will sell. This will cause DOGE to drop very quickly.

The future of altcoin projects

Although altcoins are independent of each other, they move in connection with each other over time. In these processes, it would be more logical to wait for the market to calm down and analyze it. Also, in general, altcoins built on a solid structure during bearish periods always show more resistance.

What is altcoin?

Altcoin, also known as alternative coin, is a term used to describe cryptocurrencies other than Bitcoin. Every existing crypto currency other than Bitcoin can be described as altcoin.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing site 3 months ago.