The post 2 Altcoins That Are a Trap, Sell them NOW! appeared on BitcoinEthereumNews.com.

Recently, Cardano (ADA) and Polygon (POL) have been trading behind the general crypto market, and their general outlooks remain bearish. Meanwhile, Rexas Finance (RXS), after completing its 3rd presale stage, raising over $2.75 million, has been tipped for a 4,500% surge. Going into the bull run, let’s see why Cardano and Polygon could be traps for investors. What is driving Rexas Finance’s 4500% price rally? Cardano (ADA): A Trap Waiting to Happen Despite a slight rebound in September, Cardano (ADA) has shed over 15% of its gain so far in October. Renowned crypto researcher Max Keiser believes ADA can see a disastrous 90% price decline in the next months. Whale action supports this view since huge holders unload millions of ADA. Data from IntoThe Block shows short liquidations exceeding long positions, so accentuating this bearish attitude. Currently trading at $0.35, Keiser predicts that if adverse conditions continue, ADA might drop to $0.03.The latest 2% price gain by Cardano has not much helped to soothe investors. Reflecting the general cynicism in the market, substantial transaction volumes and whale net flows point to more selling pressure than purchasing. The ADA price battles to reach critical resistance thresholds; the $0.32 support zone is in danger. At this stage, Cardano seems to be a dangerous investment as bearish pressure is rising, and whale behavior suggests a sell-off. Polygon (POL): Facing Heavy Bearish Sentiment Another altcoin exhibiting indications of vulnerability is Polygon (POL). The token closed September on a poor note, not benefiting from more general market optimism even with recent ecosystem improvements. POL fell by 5.6% to $0.38, well below its March all-time high. With 95% of owners sitting on unrealized losses, the token is down 70% from its peak, and Polygon is in a precarious position as we enter Q4.Technically, POL’s future stays…

---

Filed under: News - @ October 14, 2024 11:27 am