As a seasoned researcher with years of experience navigating the tumultuous crypto markets, I must confess that the current trends among Cronos (CRO), Aave (AAVE), and Injective (INJ) have piqued my interest – or rather, concern. The market conditions are reminiscent of a rollercoaster ride on its descent, and it seems these altcoins are along for the wild ride.
The state of the market suggests a drop in many alternative cryptocurrencies. Specifically, Cronos, Aave, and Injective have exhibited strong downward patterns, mirroring a general market adjustment. For those thinking about selling altcoins, this could be a strategic moment given the market’s predicted ongoing instability. This trend advises a careful strategy for those who currently own these digital assets.
Altcoins to sell This week
Cronos (CRO)
Cronos’s native cryptocurrency, CRO, is found on the decentralized Cronos Chain constructed by Crypto.com. At present, the value of a single CRO stands at approximately $0.08491. This figure marks a 4% drop in price over the past day. Over the last month, the token has experienced a decline of 7%, while also dipping 5% over the course of the past week. These trends place CRO among the most significant altcoins to consider selling this week.
This decrease in activity is strongly linked to decreasing on-chain statistics such as the number of daily active addresses, transaction count, and network growth rate. Over the last few months, these figures have been trending downwards. While transaction volume has experienced occasional surges, the general decline in user interaction is obvious. The sluggish increase in network expansion suggests a decrease in long-term curiosity towards the Cronos environment.
Aave (AAVE)
The well-known decentralized finance platform Aave (AAVE) is presently valued at $127.10, representing a 4% decrease over the past day. As of now, it stands 47th on CoinMarketCap with a market capitalization of approximately $1.89 billion. In the last week, Aave’s price has dipped by 1%, potentially indicating that it could be a choice for selling in the altcoin market.
The current state of the MVRV ratios, especially over a 365-day period, shows an increased risk or susceptibility. This is because the MVRV ratio, particularly in the long-term range (365 days), has stayed below zero, suggesting that long-term investors are currently experiencing losses. Such a negative MVRV ratio is often characteristic of extended bear markets.
With the altcoin holding steady near a crucial point, the absence of bullish energy hints that downward movements might follow soon. The recent slide in the 30-day MVRV ratio strengthens this notion. Although there was a temporary rebound, the situation remains delicate, possibly triggering more sellers to join the market.
Injective (INJ)
The finance-focused blockchain, Injective (INJ), located at layer 1, is seeing a substantial market fall. At present, INJ is being exchanged for $20.38, representing a 6% decrease in worth. Over the past month, there’s been a 21% drop in the token’s value, indicating a clear downward trend. This considerable decline has made Injective one of the popular altcoins to sell this week.
1. The value of INJ is persistently decreasing due to a steady drop in network activity. This downward trend is underscored by a substantial decrease in active addresses and network expansion indicators, suggesting pessimism among investors. Despite occasional increases in trading volume, the overall trust in INJ on the market remains minimal. The price is reaching new lows, which suggests more sell-offs and diminished enthusiasm from potential buyers.
To summarize, it’s worthwhile to consider selling these altcoins due to the present market trends. Doing so may help limit potential losses as the market undergoes further changes.
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2024-08-27 17:04