Investors in the crypto market are trying to keep their heads above water after suffering at the hands of the bears for an entire week. With Bitcoin price staring at a potential drop to $60,000 this week, more pain could be in waiting. Altcoins are equally languishing in losses, led by Ethereum’s drop to below $3,500. If the negative sentiment in the market fails to ease, investors would want to consider cryptocurrencies to sell to avoid more losses.
Rebalancing crypto portfolios is not an easy task. For many, and especially in the current market conditions, it means realizing losses. However, some tough decisions have to be made to safeguard future profits.
Therefore, before Bitcoin drops to $60,000 investors could consider the cryptocurrencies to sell listed below. It is also essential for investors to use this as a guide and carry out extensive research before taking key steps regarding their portfolios.
1. Pepe Coin
Pepe is up a modest 8.5% to $0.00001141 during the US trading session. The frog-themed meme coin dons an impressive 8.5% surge in the market cap to $4.8 billion, ranking #23 among other cryptocurrencies on CoinMarketCap. Its trading volume is above $1 billion, making it the 11th most traded digital asset in 24 hours.
Pepe is among the few coins that have sustained rallies in Q2 of the year to the extent of achieving a new all-time high milestone. The meme coin has gradually become a favorite of the whales, who buy in numbers creating upside momentum.
Despite the impressive recovery this week, Pepe has strayed from its ATH of $0.00001722 traded in May to $0.00001135. Support at $0.00001 holds firm, with traders eyeing a falling wedge pattern breakout.
A breakout from the wedge pattern could call more traders to buy PEPE, thus accelerating recovery above two key levels—the resistance at $0.000014 and the record high of $0.00001722. It might be prudent to let go of Pepe if the fall continues this week. Losing support at $0.00001 could be detrimental to crypto portfolios.
2. Dogecoin (DOGE)
Dogecoin, the largest meme coin, dropped to multi-month support levels, signaling a pivotal moment for notable recovery or prolonged correction.
The DOGE price has seen a slow yet steady correction trend resonating within two downsloping trendlines for the past three months. The trendlines act as major dynamic resistance and support for this memecoin developing a bullish continuation pattern called flag.
Under the influence of this pattern, the DOGE price turned down from $0.228 to 15 15-week low of $0.113 registering a loss of 50.4%. However, the price is now stabilizing around $0.12 as accompanied by other technical levels such as 50-weekly EMA, 61.8% FIB, and support trendline of the flag.
Failure of Dogecoin to break above $0.13 resistance and continue above $0.15 could mean a lack of direction. Pressure on support at $0.12 may lead to more losses with declines below $0.1 likely. Investors should consider if Dogecoin is one of the cryptocurrencies to remove from their portfolio in the event no progress is on the upside in the coming weeks.
3. Lido DAO (LDO)
According to data from CoinMarketCap, Lido DAO’s token experienced significant trading volume, which spiked over 31% to reach approximately $309 million. The market capitalization also climbed sharply by about 15.83%, settling at around $2.12 billion. This surge placed LDO at the 43rd position in the market cap rankings.
LDO continues to trade in the range of $1.82 to $2.39, reflecting heightened trading activity. Over the past 30 days, LDO has seen an overall increase of approximately 36%, indicating a bullish trend.
Lido DAO is experiencing a notable uptrend that may signal the beginning of a bullish period. If this positive trend persists, it will soon breach the $3 resistance barrier. A continuous rise might push its value towards the $4 mark, with aspirations to reach $5 in the upcoming bullish cycle.
On the other hand, a shift in market dynamics could solidify Lido DAO’s position at a support level of $2.36. If the decline continues, LDO could see its price fall to $2, indicating a shift toward a bearish market environment. Should this downturn intensify investors could add LDO to cryptocurrencies to sell in June while looking forward to the next major breakout.
Related Articles
