Four Crypto Assets to Avoid Trading This Week
While many assets in the cryptocurrency market have been underperforming recently, there are four specific crypto assets that you should avoid trading this week due to various internal and external factors. These factors include indicators like the CoinGlass relative strength index (RSI) overbought heatmap, risk analysis, relevant ecosystem events, and other related developments.
Terra Classic (LUNC)
With Terraform Labs, the company behind Terra (LUNA) and TerraUSD stablecoin, filing for Chapter 11 bankruptcy in the US, it’s best to avoid trading its token Terra Classic (LUNC) for now. LUNC has seen a decline of 8.69% in a day, 16.3% over the week, and 37.68% over the month.
UMA (UMA)
Despite rapid growth and funding, UMA has been in the RSI overbought zone in the past 24 hours, resulting in a significant price decline of 12.41%. Although UMA rallied by 142.88% in the past week and gained 133.65% on its monthly chart, caution is advised due to recent developments.
Kaspa (KAS)
Kaspa has experienced a massive supply inflation of 163%, leading to a drop of 4.33% in the last 24 hours. It has also seen losses of 9.96% weekly and 7.08% monthly.
PRivaCY Coin (PRCY)
PRivaCY Coin has exhibited increased volatility, making it a high-risk asset to trade. With a price decline of 4.41% in a day and losses of 9.88% weekly and 21.76% monthly, caution is advised.
Conclusion
While it may be wise to avoid trading these crypto assets this week, it’s crucial to conduct your own research and stay updated on industry developments. The cryptocurrency market can be unpredictable, so staying informed is essential before making any investment decisions.
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