Ana Nicenko, one of the Finbold analysts, shared 3 altcoins that should be avoided during the week of July 24. The cryptos in question suffer from volatile price movements, poor news flow, and poor ratings.
‘Stay away from these 3 altcoin projects during the week of July 24’
First up is Ordinals (ORDI), which runs on Bitcoin and presents information such as text and images as NFTs.
In fact, the trendy Ordinals are on the list because of unstable price movements. ORDI price is currently trading in the $6.70 region, where it has melted 7.5% from last week. It has lost more than 10% in value throughout July. For comparison, even an underlooked altcoin like The Graph (GRT) gained double-digit gains in the same period.
GMX (GMX)
GMX, on the other hand, is recording losses in all observed timeframes, despite development efforts such as a partnership with RedStone.
Boosting the ecosystem with $GLP and V2 LP tokens 🚀
RedStone aims to leverage the early adoption of @GMX_IO V2 LP tokens ($GM) as collateral in DeFi protocols.
Let’s take a dive how 🧵 pic.twitter.com/bfjObjwYvW
— RedStone Oracles ♦️ (@redstone_defi) June 20, 2023
At the time of writing, it is trading in the $51.81 region, where it has lost around 10% compared to the last 7 and 14 days. Some analysts, such as altcoin Sherpa, have warned that the price is facing a potential 20% drop. Some of the analyzes we transferred as Kriptokoin.com included the following explanations:
GMX: I think it looks like it will go back to $40 this time around. It was a cryptocurrency favorite a few months ago, but was waiting for it to cool down and enter accumulation mode after a bottom. I expect this to underperform the rest of the market in the medium term.
$GMX: I think this one looks like it's going to go back to the $40s. It was the darling of crypto a few months ago but expecting it to cool and go into accumulation mode after a bottom. Expecting this to underperform the rest of the market for the mid term. pic.twitter.com/V9N7QhNtcy
— Altcoin Sherpa (@AltcoinSherpa) July 20, 2023
Pepe (PEPE)
Finally, PEPE has taken a huge hit since its launch and initial popularity. It has raised concerns among investors, especially as a number of new meme tokens have entered the market and stolen the limelight. PEPE is currently melting in all time zones. Its price is trading in the $0.00000150 region, where it has spent a long time.
PEPE, which debuted in April, drew attention with its high earnings in the first weeks. As that hype fades, the price breaches local bottoms one by one. However, let’s also note that the supply of PEPE held by leading addresses has fallen over the past few weeks. On top of that, whale activity also decreased, which is something else about development.
While PEPE’s weekly price action was negative, DOGE reacted differently as its weekly chart was painted green. DOGE was up over 3% at one point yesterday, according to CoinMarketCap. It is currently trading at $0.07133. It could be the latest developments from Elon Musk that put Dogecoin in motion. The Twitter boss released an update for X App this morning.
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