Although the cryptocurrency industry offers plenty of opportunities for crypto traders and investors, the conditions are not always best for trading all of them, and there are some cryptocurrencies that might be a good idea to abstain from, at least in the nearest future.
With this in mind, Finbold has employed indicators such as the price action, recent developments, as well as crypto rating platforms, such as Weiss Crypto Ratings (WCR), TokenInsight, and Wikirating’s Crypto Rating Index (CRI), to arrive at the list of several assets that might be wise to avoid in the next week.
As crypto exchanges are facing increased regulatory scrutiny, the crypto community has been speculating that KuCoin (KCS) could be the next target after Binance, leading to significant outflows of assets from the trading platform’s reserves and a WCR score of ‘D’ or ‘weak’ for its native token.
At the same time, KCS has been witnessing declines in all of its charts, losing 1.53% in the last 24 hours, as well as dropping 5.25% across the previous seven days and 9.44% on its monthly chart, and currently trading at the price of $6.66, according to the latest data retrieved on June 23.
Terra Classic (LUNC)
Another token that has been going through a rough patch, despite the majority of the crypto market recovering and the hard work of its development team, is Terra Classic (LUNC), the original chain of the collapsed Terra (LUNA) ecosystem, which currently rates as ‘CC’ or ‘highly vulnerable’ at the CRI.
Specifically, LUNC has lost 3.48% to its price over the previous day, in addition to declining 1% across the past week, despite recording a modest increase of 3.47% over the last 30 days, at press time changing hands at $0.00009081.
Meanwhile, ApeCoin (APE), the utility and governance token surrounding the Bored Ape Yacht Club (BAYC) ecosystem, is threatening to close the second quarter of 2023 in the red after its value dropped by more than 55% from its mid-April highs as well as nearly 38% in the last month and over 43% since the year’s turn.
At the time of publication, the price of ApeCoin stood at $2.17, recording a slump of 6.54% on the day, a 3.91% increase over the last week but still a more significant negative price change of 37.70% across the previous month, as the recent charts indicate.
Despite the above digital assets going through some difficult times, it is worth remembering that things can easily change in this sector, which is why it is important to keep a close eye on the specific cryptocurrencies before deciding to invest in them or avoid them and conduct one’s own research.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.