With every promising token, some cryptos might be better left untouched, at least for a certain period. In this article, we go over 3 cryptos to avoid in the coming week as their prices spiked suddenly.
Why Cryptos Can Be Risky
It’s important to acknowledge that cryptocurrencies are inherently risky due to their volatile nature. Prices can skyrocket and plummet quickly, making it a speculative investment avenue. Factors such as regulatory news, technological changes, market sentiment, and macroeconomic indicators can influence crypto prices significantly. Furthermore, while it might seem attractive, buying crypto in a bear market isn’t always a good idea unless one has a comprehensive understanding of the market and its future prospects.
When is the Perfect Time to Buy Cryptos?
The ideal time to purchase cryptocurrencies, or any asset for that matter, is when it’s undervalued. It’s a common observation that when crypto prices start to soar, the fear of missing out (FOMO) kicks in among investors, leading to inflated purchases and potential exposure to market corrections. Hence, a more prudent approach would be to buy cryptocurrencies when they’re trading at lower support levels rather than when they’re riding a high wave.
Top 3 Cryptos to Avoid Next Week
#3 Shiba Inu (SHIB)
Shiba Inu (SHIB) is a meme coin that has gained significant attention in the past few weeks. SHIB prices have increased by more than 7% in the past week, with most of the gains coming in the last few days. However, this kind of price pattern can be risky. When a cryptocurrency’s price rises sharply within a short period, it often signals potential price corrections or market adjustments. Therefore, it might not be an ideal time to buy Shiba Inu right now. Instead, investors could consider waiting for a price correction or even exploring other investment options.
#2 Quant (QNT)
Quant (QNT) is a crypto project that provides interoperability between different blockchains, aiming to solve the challenges of scalability and performance in the crypto space. QNT prices have seen an increase of 6% over the past seven days, with the majority of gains coming in recent days. This abrupt rise in prices could be a precursor to a price adjustment. Therefore, it might be a good strategy to wait for better prices before investing in QNT.
#1 GMX (GMX)
GMX, or Gauss (formerly Gas Token), is a cryptocurrency for efficient value transfers, especially within the Ethereum network. Despite the overall crypto market’s consolidation, GMX prices have been steadily trending upwards. However, if the crypto market continues its sideways movement or even falls, GMX could potentially be due for a harsh adjustment. Hence, just like with Quant, it might be wise for investors to hold off on GMX until a more favorable price point emerges.
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