5 Crypto To Sell To Avoid Bear Market Losses

by

As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market corrections and bear cycles. While it can be disheartening to see the value of our investments decline, it’s important to remain calm and make informed decisions based on market data and trends.

As a crypto investor, I’ve noticed that the digital asset market has been trending downward this week, leading me to consider selling some of my assets to minimize potential losses. Many investors on social media platforms are echoing similar sentiments, stating that their sell-offs are only temporary as they wait for the market correction to pass. The current market situation seems to be driven in part by a decrease in institutional purchases, with Bitcoin‘s price dropping below $70,000.

At present, Bitcoin is priced at $65,432 on the exchange, representing a 2% decrease. Bitcoin holds a slightly superior standing compared to most alternative coins. However, as the total market value drops to approximately $2.35 trillion, altcoins and meme coins have experienced significant losses. With many quarters reporting double-digit percentage declines, the negative sentiment is intensifying. Here are five cryptocurrencies you might consider selling to minimize short-term losses.

Solana (SOL)

Solana has slipped by 4.67%, currently priced at $137, which is under several resistance points from its Q1 2024 peak. The asset experienced more significant weekly losses of 11% and monthly declines of 21%. The market capitalization of Solana now amounts to $63.2 billion, indicating a drop for the previously buoyant asset.

Toncoin (TON)

This year, the Toncoin ecosystem experienced significant growth, surpassing Bitcoin’s increase by certain margins. However, a bearish trend has caused its price to drop sharply. Currently, TON is priced at $7.26, representing a 5.5% decrease on the day. The crypto asset is undergoing downward pressure, leading to a decline in short-term trading volume. In contrast, both its weekly and monthly volumes continue to show positive figures.

Avalanche (AVAX)

In the past 24 hours, the price of Avalanche has decreased by 9.8%, currently sitting at $25.93. Despite a surge in trading volumes exceeding $545 million according to CoinGecko, AVAX continues its descending pattern. The cryptocurrency market experienced a significant 18% drop over the last week, followed by a drastic 30% decrease. This downward trend can be attributed to recent outflows that have led the asset into a rough patch.

Dogecoin (DOGE)

As a market researcher, I’ve noticed that there’s a growing consensus among analysts to sell Dogecoin due to the deteriorating sentiments towards it. At the moment, its value has dropped by 11%, and trading within the day has been sluggish. Furthermore, weekly positions are currently trading 15% below par, contributing significantly to the losses of meme coins in general. The broader crypto market is also experiencing a downturn, causing meme coins like Dogecoin to lose momentum. Dogecoin is now being transacted at $0.1194.

Shiba Inu (SHIB)

Shiba Inu experienced a significant 10.44% drop, joining other meme coins in double-digit percentage declines. Investors have been selling off due to bearish market conditions, with the coin’s price currently at $0.00001764. The long-term trend is also negative following this month’s unfavorable trading sessions. As a result, Shiba Inu is among the crypto assets that are being heavily sold amid losses.

3 Bullish Meme Coins For Today’s Declining Market 

Read More

2024-06-18 15:53