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The value of the altcoin market has surpassed the staggering $276 billion mark, driven by Bitcoin's rise of over $66,000. This surge has led investors to turn to altcoins to capitalize on potential profits. However, CryptoBullet, a well-known cryptocurrency analyst, recommends caution. He warns against blindly investing in altcoins despite the prevailing euphoria. He emphasizes that although the market is rising, it is not immune to the possibility of a correction. According to him, the altcoin is stuck between the Fibonacci levels of 0.382 and 0.236, so it may struggle to break above the historic highs of 2021.
Polkadot and Filecoin face market challenges
Polkadot (DOT) is currently in the crisis zone and may not be able to surpass its all-time high in 2021. Despite a strong technological infrastructure and dynamic ecosystem, current technical indicators suggest that cryptocurrencies may fall short of investors' expectations in terms of future growth.
Filecoin (FIL) is another altcoin to avoid right now. The asset, known for its decentralized storage solutions, is currently facing significant volatility as seen in the daily chart. The cryptocurrency experienced a dramatic 30% drop last week. This poor performance ranks it as one of the most losing cryptocurrencies on the market recently. Due to this high volatility, Filecoin poses a high risk for investors, especially those looking for a stable investment.
Notes on AXS and ADA encryption
Axie Infinity (AXS), despite its innovative play-to-earn model attracting the attention of many players and investors, faces significant obstacles and is unable to reach new heights has not been completed. Currently, the AXS cryptocurrency is trading at $7.3 with a market cap of $1 billion, but its current position may struggle to rise further, reflecting the challenges in the blockchain-based gaming market. It suggests that.
Cardano's ADA is also going through difficult times. The price has fallen 25% in the past five months and currently he is stable around $0.48. This performance suggests that this cryptocurrency may continue to struggle or even decline. Investing in ADA is particularly risky in the current climate.
Therefore, investors should be careful with these altcoins, as despite the overall bullishness of the market, they are showing signs of underperformance and may not reach new heights. However, although CryptoBullet's predictions are based on fairly accurate technical data, nothing is completely certain and the cryptocurrency market is always ready for surprises.
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Toulouse Scientific Diploma and Certification Consultant Alila Blockchain Exam Rejoined 2019 Coin Tribune. Examining the potential of blockchain in the field of economics, and the relationship between public sensibilities and information providers that will bring about a certain evolution of the social system for learning economics. The month is about understanding blockchain and its opportunities. Analyze the purpose of reality, decipher trends in Marche, analyze innovative technologies and perspectives, and analyze social revolution in Marche.
Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
