Should You Avoid Trading These Cryptos Next Week?
Following the news that the SEC has dropped its case against Ripple executives, many cryptocurrencies have experienced gains. However, there are a few digital assets that may not benefit from this development. Finbold conducted research to identify cryptocurrencies that might be wise to avoid trading in the upcoming week.
WEMIX (WEMIX)
WEMIX is the cryptocurrency of a network that aims to be a decentralized blockchain protocol powering Web 3.0 platforms. Currently, WEMIX lacks developments that could attract investor interest, making it advisable to avoid trading it next week. As of now, WEMIX is priced at $0.83818, down 3.31% for the day and 14.43% for the week. However, it has seen a 3.66% increase in the past month.
Conflux (CFX)
Despite its team’s promise to deliver a more scalable and secure public blockchain, Conflux (CFX) is not an attractive investment opportunity for the upcoming week due to a lack of updates on network progress. CFX has declined 8.38% over the previous seven days and 17.70% on its monthly chart. It is currently valued at $0.11.
STP (STPT)
The native token of STP aims to build an identity layer for Autonomous Worlds by providing infrastructure and data indexing. However, STPT has yet to capture public attention with significant advancements. Its price currently stands at $0.0619, recording a decline of 5.18% for the day and 5.78% for the week. Nevertheless, it has gained 12.30% over the previous month.
Conclusion
While it may be prudent to avoid trading the mentioned cryptocurrencies next week, it’s important to remember that market sentiment can change. Conduct your own due diligence and carefully evaluate the risks before investing a substantial amount of money in any digital asset.
Hot Take: Is It Wise to Avoid Trading These Cryptos Next Week?
Considering recent developments and price activity, it might be wise to steer clear of trading WEMIX, Conflux (CFX), and STP (STPT) in the upcoming week. These cryptocurrencies lack significant developments or updates, and their prices have been declining or stagnant. However, market conditions can change rapidly, so always conduct thorough research and analysis before making investment decisions.
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