Bitcoin (BTC) price is uncertainty and continues to move sideways with no directional bias. Furthermore, the revised jobs data shows that the US added 818,000 fewer jobs, which could prompt a fearful outlook from investors. Additionally, the high interest rates and a looming recession in the US could work against risk assets such as stocks and crypto. For this reason, investors may want to know which altcoins to sell should Bitcoin slide, triggering cascading price drops in the broader market.
Additionally, the Fear and Green Index shows that crypto market sentiment is fear, which indicates unrest among investors.
Altcoins To Sell – Stacks (STX)
Stacks stands out as the largest of Bitcoin layer 2 protocols, boasting a market cap of $2.25 trillion as per CoinGecko data. STX experienced a 2.2% increase in the past 24 hours, following a 1.6% surge over the past week. However, the token’s 18% decline over the past 30 days highlights the broader downward trend in the cryptocurrency market since July.
Stacks (STX) is a layer-1 blockchain that aims to expand Bitcoin’s functionality by enabling smart contracts and decentralized applications. The protocol stands out by using Bitcoin’s security and decentralization to provide a programmable layer with its unique consensus mechanism and smart contract language. With this, developers build new applications on top of Bitcoin, potentially opening up new use cases and providing broader ecosystem value.
STX tends to follow BTC’s footsteps, suggesting that investors sell if the larger asset drops toward $55,000. Downside risks may increase if Stacks slides below $1.4 and $1.25 support levels.
Stacks may break out from a triangle pattern based on the four-hour chart. The MACD bucks the bullish outlook on top of near-term confluence support formed at $1.47 by the 20-day EMA and the 100-day EMA.
2. ORDI
ORDI, Bitcoin’s leading BRC token, has continued its upward trajectory after upholding support at $20 in the first week of August. Although it encountered resistance at $30, bullish sentiment remains strong, as evidenced by the recent move, targeting the next significant resistance at $40.
Traders must seek support above $30 before increasing exposure to ORDI this week. Moreover, it is essential to closely follow Bitcoin performance to avoid bull traps.
ORDI is a crypto protocol designed to bring unique functionality to the Bitcoin network, predominantly used as a store of value. Unlike conventional token systems that rely on external blockchains, ORDI is built directly on the Bitcoin blockchain, leveraging its security and decentralization.
3. Merlin Chain (MERL)
Merlin Chain is on the verge of a major breakout; however, its connection to Bitcoin may introduce unforeseen risks and result in a troubled recovery journey. The token currently holds above two key levels flaunted by the 20-day EMA at $0.2216 and the 50-day EMA at $0.2234. If bulls sustain the uptrend and start a new uptrend above $0.23 resistance, they will uphold a smooth move to $0.25 and $0.3.
Based on the altcoins to sell narrative, Merlin Chain is not out of the woods until it breaks above the 200-day EMA. Another major sell-off could erupt if the token breaches the crucial ascending trend line support. The potential Bitcoin downturn to $55,000 may accelerate the downtrend, targeting $0.22 and $0.18 support areas.
Bottom Line
Beyond altcoins sell in relation to Bitcoin price performance, select altcoins to buy could help investors wether the pressure, managing risk, and increasing potential yields toward the end of the year. That said, further research must be conducted on Stacks. ORDI and Merlin to avoid being caught on the wrong side of the trend.
The post 3 Altcoins to Sell As Crypto Markets Flash Fear appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed