According to crypto analyst Rudy Fares, with every promising token, some cryptos may be better left untouched, at least for a certain period of time. The analyst recommends staying away from 3 altcoin projects in the next week as their prices suddenly spike.
Risks in the crypto world and a good time to invest
As you follow on Kriptokoin.com, cryptocurrencies have a highly volatile structure. Therefore, it is necessary to accept that it is risky by nature. It is possible for prices to rise and fall rapidly. This makes it a speculative investment route. Factors such as regulatory news, technological changes, market sentiment and macroeconomic indicators can significantly affect Bitcoin and altcoin prices. Also, while it may seem tempting, buying crypto in a bear market is not always a good idea unless you have a thorough understanding of the market and its future prospects.
So, is there an ideal time to buy cryptocurrencies? In response to this, it would not be wrong to say ‘when its value is low’. When crypto prices start to rise, fear of missing out (FOMO) kicks in among investors. It is therefore possible that it could lead to inflated purchases and potential exposure to market corrections. Therefore, it would be more prudent to buy cryptocurrencies when they are trading at lower support levels rather than on a high wave.
Top altcoin: GMX (GMX)
GMX or Gauss is a cryptocurrency specifically used for efficient value transfers within the Ethereum network. Despite the consolidation in the overall crypto market, altcoin prices are on a steady upward trend. However, if the crypto market continues its sideways movement or falls, it is possible for GMX to potentially see a drastic adjustment. As such, investors would be wise to hold off on the GMX until a more affordable price point emerges.
Quant (QNT) comes in second place
Quant (QNT) is an altcoin project that provides interoperability between different blockchains, aiming to solve scalability and performance challenges in the crypto space. QNT prices have increased by 6% over the past seven days. Also, most of the gains have come in recent days. It is possible that this sudden rise in prices is the harbinger of a price adjustment. Therefore, it is a good strategy to wait for better prices before investing in QNT.
Last ranked altcoin: Shiba Inu (SHIB)
The popular meme-coin, Shiba Inu (SHIB), has gained a lot of attention over the past few weeks. Altcoin prices have risen more than 7% over the past week. Also, most of the earnings have come in the past few days. However, it is possible to say that such a price model is risky. When the price of a cryptocurrency rises sharply in a short period of time, this usually indicates potential price corrections or market adjustments. Therefore, right now is not an ideal time to buy SHIB. Instead, it makes sense for investors to wait for a price correction or consider other investment options.
The opinions and recommendations in the article belong to the analyst and are not investment advice. We recommend that you do your own research before investing and trading.
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