5 Crypto To Sell This April Fools’ Day Before Prices Drop

Investors are saying goodbye to a lackluster March for asset prices as April began with a bang for crypto prices. On April Fools’ Day, investors are in the green but before prices drop, here are five crypto to sell.

5 Crypto To Sell On April Fools’ Day Before Price Drop

As April rolled by, CoinMarketCap data reveals the broader cryptocurrency market is on a strong uptrend with asset notching impressive gains. While traders may construe the green on their charts as an April Fools’ Day joke, some investors are keen on taking profits.

March failed to live up to expectation of traders and top cryptocurrencies recorded steep losses as Q1 came to a close. Despite a raft of positive fundamentals, the global crypto market capitalization settled at under $3 trillion. However, April brings a ray of hope as investors sell these five crypto before prices drop.

Compound (COMP)

Compound surged by 70% on April Fools’ Day following the listing of COMP by South Korean exchange Upbit. The listing news sent COMP to a three-month high of $71.04 while daily trading volumes surged by a near 1,400%.

While several traders are jostling for skin in the game, several investors are selling the COMP holdings to take profits. Currently, the initial fervour is waning with COMP trading at around the $46 with several indicators pointing at a broader selloff.

Bitcoin (BTC)

Bitcoin is heading toward the $85K mark, gaining nearly 3% on April Fools’ Day. However, there are fears that the top cryptocurrency may experience a sharp correction in the near future.

A weak manufacturing PMI and US JOLTs job data threaten to erase BTC gains on April 1. Furthermore, Asian countries are planning a joint response to US tariffs, stoking further bearish sentiment for Bitcoin. Bitcoin ETFs have offloaded $93 million to end a 10-day positive buying streak.

Ethereum (ETH)

While Ethereum is making a resurgence to reclaim $2,000, there are fears that the push will run out of steam. The second-largest cryptocurrency has gained nearly 4% and traded at $1,900 on April 1.

However, investors might want to sell ETH given the streak of negatives around the crypto. For starters, the ETH/BTC ratio has dropped to its lowest ebb in five years, painting a glum picture for Ethereum.

Apart from the recent growth spurt, Ethereum looks set to continue its poor run of form in Q1, losing 46% since the start of the year.

Solana (SOL)

Solana has recorded a jolt in prices as March came to a close on the backs of a broader market rally. However, investors are considering dumping the asset over the specter of an incoming steep correction.

Right out the bat, FTX’s $800m repayment is triggering worry for SOL holders following impending liquidations. An analysis predicts that SOL can drop to $100 following rejection at $145 as its memecoins face steep corrections.

Dogecoin (DOGE)

Dogecoin is hurtling toward $1 after an impressive showing on April Fools’ Day. The dog-themed coin currently trades at $0.1720, climbing by nearly 4% over the last day but investors are advised to take their gains.

For starters, the negative sentiments from Tesla CEO Elon Musk ruling out Dogecoin use by the US surrounds the asset. Furthermore, a falling wedge pattern for DOGE at the end of March and a false break out leave investors in doubt over the crypto.

The post 5 Crypto To Sell This April Fools’ Day Before Prices Drop appeared first on CoinGape.

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