5 Crypto to Sell Now to Avoid Losses in October
The post 5 Crypto to Sell Now to Avoid Losses in October appeared on BitcoinEthereumNews.com.
The last two weeks disappointed crypto investors as the market failed to show the ‘Uptober’ rally. While the early-month sell-off can be attributed to the Israel-Iran war, most major altcoins are yet to reveal bottom formation, indicating the possibility of prolonged correction. Thus, the investor can consider selling this crypto and avoid further losses in October. Top 5 Cryptos to Sell Before Further Losses in October Since last weekend, the crypto market witnessed a renewed recovery trend as Bitcoin rebounded from the $60,000 psychological level. The bullish turnaround uplifted the price by 9% to trade at $65,311 while boosting a relief rally in the altcoin market. However, the onchain analysis of these five crypto hints has the possibility for prolonged correction. Toncoin (TON) Toncoin, the cryptocurrency related to the Telegram message app, showcased a notable correction of $8.17 to $5.28 in the last 100 days, registering a 35% loss. A downsloping trendline drove the bearish momentum with lower higher formation, indicating sell-the-bounce sentiment. Since last August, TON’s 24-hour active addresses have dropped sharply from 1,978 to approximately 207, according to Santiment data. This declining trend indicates reduced network activity and could negatively impact price growth. Therefore, with sustained selling, the Toncoin price could plunge 13% before seeking suitable support at the $4.6 line. 24-hours active addresses | Santiment Cardano (ADA) Over the past two months, the ADA price has showcased a sideways action, hovering above $3 support. The consolidation confined within two converging trendlines indicates the formation of a continuation pattern called a symmetrical triangle pattern. Theoretically, the pattern could replenish the Cardano’s prevailing bearish momentum and drive an extended downfall. In addition, the whale wallet with 1 Million to 10 Million crypto has significantly reduced their holding from 12.86 to 12.19 Billion ADA, registering a 5% drop. This decline…
Filed under: News - @ October 14, 2024 9:24 pm