Unstable price movements, inefficient news feed and negative ratings from rating platforms have marked the next week as ‘dangerous’ for these 5 altcoins.
5 altcoin projects to avoid during the week of July 31
According to Finbold’s latest weekly altcoin analysis, 5 altcoins with well-established projects such as WEMIX and ALGO are giving red signals.
WEMIX (WEMIX) is a Web3 platform that is a subsidiary of Wemade, a Korean game development company. The altcoin project has interesting features that distinguish it from other platforms. For example, Permanent Production Rewards (PMRs), low gas prices and 4,000 transactions per second.
However, the delisting of WEMIX from several major Korean exchanges late last year has put downward pressure on its price, which has yet to recover. This frenzy of delusions has made WEMIX an undesirable investment at the moment. As can be seen from the chart below, its price has been continuing its downward movements for the past month.
Everscale (EVER)
Meanwhile, Everscale (EVER), which uses dynamic sharding technology to enable one million transactions per second, raised $5 million in January to launch its ‘infinite sharding’ feature. It hasn’t made much progress since Bybit won the listing contest in March.
EVER price is currently down over 5% on both a weekly and monthly scale. Unstable price movements are the biggest red flag for Everscale (EVER).
Algorand (ALGO)
ALGO has been struggling to overcome critical resistances for a long time. So far, it has not been able to surpass $0.11 despite a series of attempts. The Algofi protocol, which we transferred as Kriptokoin.com and terminated its transactions, is also a blow for TVL.
ALGO is currently down 2.5% over the last 24 hours. According to Coinecko, its performance on wider timeframes is as follows:
Mask Network (MASK)
Mask Network (MASK), the core product of blockchain development firm Dimension, is on the red list despite all its outstanding features. Mask Network provides privacy for Web3 through encryption in its open source browser extension. It is also a platform that aims to bring other benefits to social media such as Facebook and Twitter. However, the fact that the Mask team made a loaded MASK transfer a month ago causes sales pressure.
Mask Network Foundation transferred 3M $MASK ($11.25M) out today.
Among them, 2.5M $MASK ($9.4M) was transferred to #Binance and #OKX.
And 500K $MASK was transferred out 1 hour ago, which may be transferred to #OKX later.https://t.co/mBI4PbZaLa pic.twitter.com/BXQNceMuxs
— Lookonchain (@lookonchain) June 23, 2023
MASK price is also currently in a distinct downtrend. It lost an additional 2.5% on the day.
Polymath (POLY)
As for Polymath (POLY), the Blockchain platform for the issuance and investment of securities crypto, it has been performing 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 falling 6.91% last week. It has threatened to take back its 4.90% gains from the previous 30 days as it changed hands at the current high of $0.131.
In summary, the projects above are a red flag for the week ahead for several reasons. According to analysts, it would be a good idea to avoid these projects for now. Shiba Inu (SHIB), on the other hand, gains some momentum with the latest announcements and appears on the green list.
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