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The cryptocurrency sector has gone a long way since the inception of Bitcoin (BTC), offering unique opportunities for crypto traders and investors. However, not all of its assets are equally attractive to invest in at all times, which is why sometimes it is a good idea to avoid trading them, at least temporarily.
With this in mind, Finbold has examined the crypto market, taking into account indicators like price action and related developments (or lack thereof) to arrive at the list of five cryptocurrencies that might be a good idea to avoid getting involved with in the week starting July 31.
WEMIX (WEMIX)
Decentralized gaming and Web3 platform WEMIX (WEMIX), a blockchain subsidiary of Korean-based game development company Wemade, has interesting features that set it apart from the rest, such as Permanent Minting Rewards (PMRs), low gas prices, and throughput of 4,000 transactions per second.
Unfortunately, the delisting of its crypto asset from several major Korean exchanges late last year has exerted downward pressure on its price that it has not recovered yet, as well as made WEMIX a less-than-ideal investment for the time being. Currently, its price stands at $0.625, down 2.95% on the day, 6.13% across the week, and 14.07% in the past month.
Everscale (EVER)
Meanwhile, Everscale (EVER), the decentralized network using dynamic sharding technology to enable up to a million transactions per second, has not made much progress since raising $5 million in January to introduce ‘infinite sharding’ and winning Bybit’s listing competition in March.
At press time, Everscale was changing hands at the price of $0.057, indicating a decline of 4.72% in the last 24 hours, as well as losing 3.98% to its value across the previous seven days, and dropping 11.45% on its monthly chart, according to the latest information retrieved by Finbold on July 28.
Algorand (ALGO)
Despite a few bullish attempts in recent weeks, the cryptocurrency of the Layer 1 blockchain Algorand (ALGO) seems to lack the strength to remain above the $0.11 mark for a longer period of time, made worse by the network’s largest decentralized finance (DeFi) protocol Algofi shutting down, which is why it might be a good idea to avoid it next week.
Presently, Algorand is trading at the price of $0.1089, which represents a 2.45% drop across the past 24 hours, adding up to the decline of 5.45% in the last seven days and a loss of 10.82% to its value over the previous month, as the recent charts indicate.
Mask Network (MASK)
A core product of blockchain development firm Dimension, Mask Network (MASK) is a platform that aims to bring Web3 privacy and other benefits to social media like Facebook and Twitter through encryption in the open-source browser extension. Having said that, the Mask Network Foundation’s massive transfer of MASK tokens a month ago has likely placed some selling pressure on it.
Indeed, the price of MASK at the time of publication stood at $3.544, which represents a decline of 2.93% on the day and a 10.21% drop across the previous week despite a modest gain of 2.75% on its monthly chart, as the most recent data indicates.
Polymath (POLY)
As for Polymath (POLY), the native token of the blockchain platform for the issuance and investment of security tokens, as well as the tokenization of real-world assets, including music rights, has performed poorly in recent days, despite gaining popularity among investors earlier this year.
In fact, it lost 3.52% on its daily chart in addition to dropping 6.91% in the last week, threatening to undo the gain of 4.90% across the previous 30 days, as it is currently changing hands at the price of $0.131, the most recent data on July 28 suggests.
Conclusion
On the whole, the above crypto assets might not be an ideal investment option in the next week for a number of reasons, and it would be a good idea to avoid them for now. That said, it is important to do one’s own research and always keep an eye out for them because the situation in this industry can change pretty drastically pretty quickly.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.