The cryptocurrency market is a bustling hub of diverse assets, each with its own unique features and potential appeal to investors. However, different crypto assets offer different investment opportunities. In the meantime, there are also some periods in the market where investors are advised to exercise caution and refrain from trading certain assets, at least for the present moment.
By closely analyzing price history and recent developments surrounding specific digital currencies, our team at Finbold has identified three assets that may be best avoided during the week commencing June 12. These cryptocurrencies raise potential concerns that warrant a closer examination before considering any investment decisions.
Huobi Token (HT)
Huobi Token (HT) is the native token issued by the Seyschelles-based crypto exchange, Huobi. Unfortunately, the prospects for this cryptocurrency are looking quite bearish at the moment, with HT being rated as ‘D’ or ‘weak’ in terms of market performance, and ‘D+’ in terms of technology adoption, according to Weiss Crypto Ratings (WCR).
Similarly, the sentiment around HT on 1-week gauges from the finance monitoring platform TradingView is also bearish, suggesting a ‘strong sell’ at 14. Specifically, this result is a summary of moving averages (MAs) standing in the ‘strong sell’ zone at 12, and oscillators indicating a ‘neutral’ at 9.
At press time, Huobi Token was trading at $2.8, up 0.6% in the past 24 hours. Over the past week, HT lost more than 3.4% and around 42% since the start of the year.
Algorand (ALGO)
Things are not looking much better for Algorand (ALGO), which according to blockchain intelligence firm IntoTheBlock, has pushed nearly all of its holders into the red.
Notably, 99.99% of investors who hold ALGO are at a loss, or ‘out of the money.’
On a similar note, ALGO is rated as a ‘strong sell’ on the summary of TradingView’s 1-week gauge, stemming from MAs and oscillators pointing at a ‘strong sell’ at 14 and ‘neutral’ at 9, respectively.
On the day, the cryptocurrency rose nearly 1% to $0.92, although its weekly and monthly losses remain significant at more than 15% and 24%, respectively.
Filecoin (FIL)
FIL, a native cryptocurrency developed by the decentralized storage network Filecoin, carries a ‘very weak’ rating or ‘E+’ on Weiss Ratings when it comes to its technological development and adoption, and a ‘D+’ in terms of market performance. Just like numerous other crypto assets, FIL was recently labeled as a security by the US Securities and Exchange Commission (SEC).
On TradingView, FIL attracted the most apparent bearish sentiment on the 1-week gauge, with a summary of technical indicators suggesting a ‘strong sell’ at 16. This is based on MAs showing a ‘strong sell’ area at 14, and oscillators demonstrating a ‘neutral’ at 9.
At the time of publication, FIL was down 0.59% at $4.10. The crypto token saw its price plummet over 12% in the past week and more than 9.7% on the month.
Final words
While cryptocurrency ratings provided by prominent finance platforms offer valuable insights into the risk levels of the different digital assets mentioned above, it’s essential to acknowledge that the landscape of the crypto market can swiftly shift.
Various factors can influence the market dynamics, leading to rapid changes in the investment landscape.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
