5 Crypto to Sell Now to Avoid Losses in October

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As a seasoned crypto investor who has witnessed the highs and lows of the cryptocurrency market over the past decade, I can’t help but feel a sense of deja vu as we approach October. The market’s failure to deliver on the ‘Uptober’ rally is not uncommon for this time of year, and while some may see it as a temporary setback, I believe prudence dictates caution.

Over the past fortnight, crypto investors have been left feeling let down as the market hasn’t delivered the ‘Uptober’ surge that was anticipated. The initial drop in value could be linked to the conflict between Israel and Iran, but so far, many prominent altcoins haven’t shown signs of reaching their bottom, suggesting a potential prolongation of the downturn. As a result, it might be wise for investors to consider selling their crypto holdings to minimize potential losses during October.

Top 5 Cryptos to Sell Before Further Losses in October

Over the past weekend, the crypto market experienced a resurgence, with Bitcoin bouncing back from the significant $60,000 mark. This bullish reversal caused the price to jump by approximately 9%, reaching $65,311. Moreover, this surge also sparked a relief rally in the altcoin market. Nevertheless, an analysis of these five cryptos suggests a potential prolonged correction might be on the horizon.

Toncoin (TON)

Over the past 100 days, Toncoin, the cryptocurrency linked to the Telegram messaging app, experienced a significant drop from $8.17 to $5.28, representing a decrease of 35%. This bearish trend has been reinforced by a descending trendline, along with lower highs suggesting that investors are more inclined to sell during any price rise.

Over the past five months, the number of daily active addresses on TON has plummeted significantly, going from around 1,978 in August to about 207 now, based on Santiment’s data. This downward pattern suggests less network activity, which could potentially hinder price development.

Consequently, if the selling pressure continues, it’s possible that the Toncoin price might drop by about 13% before finding a stable level around $4.6.

5 Crypto to Sell Now to Avoid Losses in October

Cardano (ADA)

For the last two months, the value of ADA has been moving horizontally, staying above the $3 support. This horizontal movement suggests a consolidation that appears to be forming a specific pattern known as a symmetrical triangle. This pattern is created by two trendlines converging towards each other.

In theory, this pattern might restore the current bearish trend in Cardano and potentially lead to a prolonged decrease.

Moreover, the whale wallet containing between 1 Million and 10 Million cryptocurrencies has noticeably decreased its holdings of ADA from approximately 12.86 Billion to 12.19 Billion, representing a decrease of about 5%. This reduction in holdings frequently occurs around significant market peaks, suggesting that large investors may be experiencing a loss of confidence and choosing to shift their assets.

5 Crypto to Sell Now to Avoid Losses in October

Shiba Inu (SHIB)

From June 2024 onwards, the projected Shiba Inu price trend has remained relatively flat and failed to consistently stay above the $0.00002 mark. This significant supply area has been exerting continuous selling force on SHIB traders, hindering the asset from experiencing a prolonged upward surge.

As of the deadline, the SHIB token was trading at approximately 0.000018 USD, boasting a total market capitalization of around 10.87 billion dollars. Given the ongoing market upturn, there’s potential for its price to challenge previous resistance levels, signaling a significant juncture for this popular dog-themed meme cryptocurrency.

Since March 2024, the percentage of Shiba Inu tokens held by the top addresses has consistently stayed at approximately 61.2%. Even with a substantial reduction in price, the fact that this figure hasn’t changed much implies that major investors seem uninterested in expanding their holdings.

5 Crypto to Sell Now to Avoid Losses in October

Litecoin (LTC)

In simpler terms, Litecoin, frequently referred to as “silver compared to Bitcoin’s gold,” has been stuck in a period of sideways trading since March 2022. This extended phase of consolidation suggests that neither buyers nor sellers are taking strong action, which implies that substantial price fluctuations may not occur soon.

Furthermore, the 30-day Market Value to Realized Value Ratio (MVRV) has surged to 27%, suggesting that short-term traders have made a profit. Historically, this pattern of speculative trading tends to lead to prompt profit-taking, which can cause initial market fluctuations and potentially signal a peak in the local market.

According to this theory, the price of Litecoin might continue its downward trend and potentially dip below the $60 mark, reaching a possible support level at around $52.

5 Crypto to Sell Now to Avoid Losses in October

Worldcoin (WLD)

Currently, Worldcoin (WLD) has moved away from its ongoing downward trend and is now hovering above the price point of $1.27. This horizontal support level has helped push the value of the asset up by about 85.7%, causing it to trade at a new height of $2.385. This recent surge in price exceeded the previous resistance level of $2.175.

Although this surge might continue to boost prices, it’s worth noting that the amount of WLD tokens stored on cryptocurrency exchanges has nearly doubled since mid-April, reaching approximately 72.9 million coins. This significant rise in available supply could potentially trigger a sell-off, thereby constraining the coin’s growth potential.

5 Crypto to Sell Now to Avoid Losses in OctoberConclusion: 

As a crypto investor, I’ve been noticing some concerning market trends that suggest potential further corrections for Toncoin, Cardano, Shiba Inu, Litecoin, and Worldcoin. Factors like dwindling network activity, fewer whale holdings, and an influx of supply on exchanges are driving a bearish sentiment towards these assets. It’s important to keep a close eye on these developments.

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2024-10-14 19:22