October shows mixed crypto signals; experts advise avoiding BONK, Polygon (POL), and Cardano (ADA).
BONK faces volatility; analysts predict potential further declines and uncertain price movements.
Polygon and Cardano display bearish trends, with significant losses for many investors.
October started off rocky as the crypto market flashed mixed signals due to rising tensions between Israel and Iran. Fortunately, conditions have improved, bringing some hope for recovery. While a few altcoins look promising, others struggle. Specifically, BONK, Polygon (POL), and Cardano (ADA) show bearish trends. Experts recommend avoiding these coins to protect your portfolio.
BONK: Wild Swings with a Gloomy Forecast
Source: Trading View
Bonk (BONK) has had a wild ride this year. After surging nearly 400% from February lows and peaking in early March, the coin faced a harsh decline of 75%. Since then, BONK has bounced around, but recent gains of 20% may not last. The Relative Strength Index (RSI) shows overbought conditions, indicating a possible rejection near declining resistance.
Current resistance levels remain hard to breach. Analysts suggest BONK could drop further and test the $0.000017 support level. Volatility makes BONK a risky choice this October.
Polygon (POL): Struggling Despite Market Optimism
Source: Trading View
Polygon (POL) is also facing challenges this month. The coin ended September on a low note, missing out on the overall market’s positive vibes. By month’s end, Polygon’s price fell 5.6% to $0.38, far below its peak from March. A staggering 95% of POL holders experience unrealized losses, with 81% racking up losses over the past year.
Despite the recent shift from MATIC to POL tokens to boost utility, selling pressure remains high. Key technical indicators signal ongoing downward momentum. Investors should think twice before considering Polygon.
Cardano (ADA): Bearish Trends Loom
Source: Trading View
Cardano (ADA) has stirred up much debate recently. Analyst Max Keiser predicts a shocking 90% drop in value within the next six months. While this forecast seems extreme, current data supports a bearish outlook.
Whale activity indicates large sell-offs of ADA, while IntoThe Block’s analysis shows negative sentiment among traders. Priced $0.34 as of writing, further declines could push ADA to lower support levels around $0.32. Even if a drop to $0.03 seems far-fetched, current market conditions are working against Cardano.
Considering these bearish outlooks, investors should approach BONK, Polygon, and Cardano with caution this October. Avoiding these altcoins can help safeguard your portfolio amid uncertain market conditions.
The post 3 Altcoins to Steer Clear This October for Your Portfolio’s Health appeared first on Crypto News Land.
