As a seasoned analyst with over two decades of experience navigating volatile markets, I’ve seen my fair share of bull and bear cycles. With the current market conditions, it’s crucial to keep a keen eye on technical indicators and make informed decisions.
In these unpredictable financial times, investors are looking for cryptocurrencies they can offload to safeguard their portfolios from potential additional losses. While some digital assets exhibit promising growth, other tokens signal more declines as a result of the ongoing bear market
) The value of the cryptocurrency market fell by 0.3% to slightly over $2 trillion, as per CoinGecko’s latest figures. Meanwhile, Bitcoin has seen a 0.6% increase in its price. Over the coming days, the Nonfarm Payrolls report will be released on Friday, and depending on its outcome, it could have either a positive or negative impact on crypto asset prices as we head into the weekend and beyond
1. Cryptos to Sell Now— Avalanche (AVAX)
The price of Avalanche is decreasing since it’s moving within a downward trending channel, suggesting negative market pressure. The AVAX price has repeatedly been turned away at the upper limit of this channel and has fallen further following an unsuccessful breakout attempt close to the 50-day Exponential Moving Average (EMA)
If the bearish trend persists, it’s probable that the significant point of resistance will be around $18.00, serving as the potential next goal
As the price of Avalanche gets closer to lower values, the trading volume is diminishing, suggesting a lack of intense buying enthusiasm. If the downward trend in the market persists, it increases the possibility that the price will continue to trend towards the lower bound of the channel, approximately $18.00
The 50-day Exponential Moving Average (EMA) and the 200-day EMA are both trending downwards, strengthening the negative market direction. Moreover, the price is persistently trading beneath these thresholds, suggesting that the sellers continue to dominate the market
The long-term trend remains bearish unless the price breaks above the $29 major resistance.
2. Gala (GALA)
As a researcher observing the GALA token market trends, I noticed that its price appears to be on a descending trajectory. This downward movement has pushed the token’s value below both the 50-day Exponential Moving Average (represented by the green line) and the 200-day Simple Moving Average (the black line). Additionally, the current price is close to the lower boundary of a falling trend channel, which hints at possible further decreases in value. However, if there’s a breakout above the resistance level, this downside potential could be mitigated
Gala token is one of the crypto to sell because the price is projected to drop to $0.0174 or lower to $0.0120 since the Relative Strength Index (RSI) hovers around 43.95, below the neutral 50 levels, signalling bearish momentum.
Even though the Relative Strength Index (RSI) hasn’t dipped below 30 yet, indicating it’s not extremely oversold, it may still have potential for a further decline before a possible turnaround occurs
3. Cosmos (ATOM)
The cost of Cosmos is trending lower since it’s fallen below a significant support point at $4.50, suggesting more downward momentum. This could make it another cryptocurrency to consider selling due to increased bearish pressure. At present, the nearest potential resistance level is at $4.50 (the range’s bottom), and if prices rise again, the next resistance would likely be found around $5.42 (the range’s top)
On the other hand, it appears that the cost of Cosmos could be decreasing further, since the Chaikin Money Flow (CMF) stands at -0.12, suggesting an outflow of funds from the asset, which aligns with a negative market outlook
The cost of ATOM could potentially experience a significant decrease, possibly stabilizing around $3.50 as suggested by the chart’s downward-pointing arrow. This represents a decline of approximately 11% compared to its current pricing
The majority of these cryptocurrencies appear to be bearish, showing minimal signs of recovery even with Bitcoin’s recent slight upward trend. Despite promising fundamentals, traders seem hesitant that they can support prices moving higher. Technical analysis suggests a possible downward swing, potentially resulting in losses exceeding ten percent
Conclusion
In the midst of this prolonged bear market, I find myself advising cautious approaches when it comes to cryptocurrency investments. Currently, I’m observing technical indicators that suggest potential further declines for Avalanche (AVAX), Gala (GALA), and Cosmos (ATOM)
Considering the current market situation, it might be beneficial to consider offloading these cryptos to avoid significant, double-digit percentage losses. It’s crucial for investors to stay vigilant about forthcoming economic indicators like nonfarm payroll figures, as they could impact market sentiment in the short term
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2024-09-05 15:48