Knowing which altcoins to avoid investing in can be tricky. A lot of them appear promising at first, and then turn out to be serious loss-magnets for their holders and traders.
However, more important than knowing which coins to avoid, is knowing which ones to invest in. Because at the end of the day, every trader or HODLer aims to make some profits.
This article is about which altcoins we think are worth watching out for next week, and which to consider buying if you intend to make some profits before the end of September.
Ether obviously comes first in any list of prominent altcoins to watch out for. Ether is the cryptocurrency that powers the blockchain network, Ethereum.
Over time and especially after the merge, the price of ether has dipped from its $1700 high. It now trades at around $1290, giving investors an avenue to get in on the action before the price possibly rebounds upwards to the $2000 level.
Ether might be one of the cryptocurrencies you should consider watching out for next week.
2) Binance Coin (BNB)
Binance coin is relatively stable in price compared to other top cryptocurrencies and currently trades at around $273. over this week, the price of BNB has remained relatively stable, even going so far as moving upwards while most other altcoins dipped. BNB is currently testing support outlined by the 200-Period moving average on the 4-hour timeframe and may be worth putting on your watchlist for next week.
The RSI on the daily timeframe shows neutral conditions, a sign of relative price stability.
It may be surprising that a stablecoin was included on this list, but more important than chasing wins is learning how to avoid losses.
The crypto market is a highly speculative one, and nobody knows where an asset’s price may be headed. The best anyone can do is speculate, and hope that their analyses are right.
In the crypto world, there is no better way to avoid losses altogether, than to convert assets into stablecoins, where the values neither go up nor down.
Converting your assets into a stablecoin can also be a good way to ensure you always have enough liquidity to buy dips.
4) Ripple Coin (XRP)
Ripple coin also deserves a place on this list. Over the last seven days, the price of XRP has experienced an increase of more than 63%. Possibly owing to public knowledge that the SEC’s lawsuit against Ripple labs is coming to a close. Everyone is trying to get in on the hype, and you might consider doing so too.
If the bulls on XRP maintain their strength and continue to push the price of the cryptocurrency up and against the bears, next week may prove to be a favorable one for its holders.
5) Cardano (ADA)
Cardano is one of the top-performing cryptos in the largest 25 by market cap. The Vasil upgrade on the Cardano network went live yesterday, pushing the cryptocurrency’s price up by up to 5% and helping its traders and holders cash in some profits.
ADA is currently in a correction and may continue to trend upwards with the new features the Vasil upgrade is expected to add to the network.
As to where the price of ADA may be headed next, nobody knows. But then its future looks bright, and next week is, by all means, part of that future.
The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research).