The cryptocurrency market is a vibrant hub of diverse assets, each with their own unique characteristics and potential appeal to investors. However, different crypto assets offer different investment opportunities. Meanwhile, there are some periods in the market when investors need to be careful. Crypto analyst Vahid Karaahmetovic has identified 3 altcoins that investors should stay away from.
The first altcoin to stay away from: Huobi Token (HT)
Huobi Token (HT) is a native token issued by Seyschelles-based crypto exchange Huobi. Unfortunately, according to Weiss Crypto Ratings (WCR), HT was rated ‘D’ for market performance and ‘poor’ for technology adoption and ‘D+’ for technology adoption. Therefore, the prospects for this altcoin project are currently quite low.
Similarly, sentiment around HT on the 1-week indicators of financial monitoring platform TradingView is also bearish. Accordingly, sentiment suggests a ‘strong sell’ at 14. Specifically, this result is a summary of moving averages (MAs) standing in the ‘strong sell’ zone at 12 and oscillators showing ‘neutral’ at 9.
1-week indicator data for HT / Source: TradingViewAccording to press time, Huobi Token was trading at $2.8, up 0.6% in the last 24 hours. However, it has lost more than 3.4% in the past week and nearly 42% since the beginning of the year.
HT 1-week price chartAlgorand (ALGO) comes in second place
Things are not looking good for Algorand (ALGO), which has pushed nearly all holders to the red, according to blockchain intelligence firm IntoTheBlock. In particular, 99.99% of investors holding ALGO are at a loss.
Data showing percentage of ALGO holders in profit or loss / Source IntoTheBlockSimilarly, the summary of TradingView’s 1-week indicator for ALGO points to ‘strong sell’ at 14 and ‘neutral’ at 9 of MAs and oscillators, respectively. Therefore, sentiment shows ‘strong selling’.
1-week indicator data for ALGO / Source: TradingViewMeanwhile, the altcoin rallied around 1% to $0.92 on the day. However, it saw losses of over 15% and 24% on a weekly and monthly basis, respectively.
1-week ALGO price chartLast altcoin to stay away from: Filecoin (FIL)
FIL, the native token of the decentralized storage network Filecoin, is rated ‘very weak’ or ‘E+’ on Weiss Ratings when it comes to its technological development and adoption, and ‘D+’ for market performance. As you follow on Kriptokoin.com, the FIL, like many other crypto assets, has recently been labeled as ‘securities’ by the US Securities and Exchange Commission (SEC).
On TradingView, the FIL drew the most obvious bearish sentiment in the 1-week indicator. Also, a summary of technical indicators suggests ‘strong sell’ at 16. This is based on MAs showing ‘strong sell’ area at 14 and oscillators showing ‘neutral’ at 9.
1-week indicator data for FIL / Source: TradingViewAt press time, the FIL was down 0.59% at $4.10. The altcoin has seen its price drop over 12% in the past week and more than 9.7% in the month.
1-week price chart for FILThe opinions and recommendations in the article belong to the analyst and are not investment advice. Therefore, we recommend that you do your own research before investing and trading.
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