As the crypto market faces a prolonged correction, it's critical for investors to consider offloading certain assets to avoid potential losses. The long-anticipated "Uptober" rally failed to materialize, leaving many altcoins vulnerable to further decline. With market conditions showing signs of extended weakness, especially after the geopolitical tensions in the Middle East, these five cryptos are at risk for further downturns in October.
Hereâs a breakdown of 5 Cryptos to Sell Now to safeguard your portfolio from potential losses:
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đ» 1. Toncoin (TON)
âą Recent Performance: Sharp correction from $8.17 to $5.28 (-35%) over the last 100 days.
âą Key Signals: A declining trend in active addresses, dropping from 1,978 to just 207, signals weakening network activity.
âą Projection: Potential 13% drop ahead, possibly reaching support at $4.6.
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đ» 2. Cardano (ADA)
âą Current Status: Stuck in a sideways movement above $3, forming a symmetrical triangle.
âą Key Signals: Whale wallets (holding 1M to 10M ADA) have reduced their holdings by 5%, indicating declining confidence among large investors.
âą Projection: Continuation of the bearish trend could drive the price lower, triggering further sell-off.
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đ» 3. Shiba Inu (SHIB)
âą Price Struggle: Trading below the key resistance level of $0.00002, unable to sustain a breakout.
âą Key Signals: Top holders maintain 61.2% of the supply, showing no interest in accumulating, which limits potential upward momentum.
âą Projection: Without new investor activity, SHIB faces a tough road to recovery.
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đ» 4. Litecoin (LTC)
âą Prolonged Stagnation: Trapped in a sideways pattern since March 2022, with no decisive breakout.
âą Key Signals: The Market Cap to Realized Cap (MVRV) ratio suggests short-term traders are cashing out, historically signaling an imminent local top.
âą Projection: A potential dip below $60, with support likely at $52.
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đ» 5. Worldcoin (WLD)
âą Recent Rally: While the price recently surged 85.7% to $2.385, the supply on exchanges has doubled, raising red flags for a potential sell-off.
âą Key Signals: With more coins available for sale, the risk of downward pressure increases.
âą Projection: WLD may face difficulty sustaining its recent gains, leading to potential retracement.
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Conclusion:
In light of current market dynamics, these five cryptocurrenciesâToncoin, Cardano, Shiba Inu, Litecoin, and Worldcoinâare showing signs of further correction. Reduced network activity, declining whale holdings, and rising exchange supply are creating bearish scenarios. Consider selling these assets to mitigate losses during this turbulent period in October 2024.
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