Markets
3 cryptocurrencies under $5 to sell before Bitcoin drops below $60,000
Investors in the cryptocurrency market are trying to keep their heads above water after suffering at the hands of bears for an entire week. With Bitcoin price pegging a potential drop to $60,000 this week, there could be more pain waiting. Altcoins are equally languishing in losses, led by Ethereum’s drop below $3,500. If the negative sentiment in the market fails to subside, investors should take notice cryptocurrencies sell to avoid further losses.
Rebalancing cryptocurrency portfolios is no easy task. For many, especially in current market conditions, it means making losses. However, some tough decisions need to be made to safeguard future profits.
Therefore, first Bitcoin drops to $60,000, investors may want to consider the cryptocurrencies to sell listed below. It is also essential that investors use it as a guide and conduct thorough research before taking key steps regarding their portfolios.
1. Pepe Coin
Pepe rose 8.5% to $0.00001141 during the US trading session. The frog-themed meme coin sees an impressive 8.5% increase in market capitalization to $4.8 billion, ranking 23rd among other cryptocurrencies on CoinMarketCap. Its trading volume exceeds $1 billion, making it the eleventh most traded digital asset in 24 hours.
Pepe Coin Price Chart | Tradingview
Pepe is among the few coins that supported rallies in the second quarter of the year to the point of reaching a new all-time high. The meme coin has gradually become a favorite of whales, who buy in quantity creating bullish momentum.
Despite this week’s impressive rally, Pepe has moved away from its high of $0.00001722 trading in May to $0.00001135. The support at $0.00001 remains firm, with traders eyeing the breakout of the descending wedge pattern.
A breakout from the wedge pattern could push more traders to buy PEPE, thus accelerating the recovery above two key levels: the resistance at $0.000014 and the record high of $0.00001722. It might be prudent to let Pepe go if the slide continues this week. Losing support at $0.00001 could be detrimental to cryptocurrency portfolios.
2. Dogecoin (DOGE)
Dogemonetathe largest meme coin, has fallen to multi-month support levels, signaling a crucial moment for a notable recovery or prolonged correction.
THE DOGE price has seen a slow but steady correction trend resonating within two descending trend lines over the past three months. Trend lines serve as the main dynamic resistance and support for this memecoin by developing a bullish continuation pattern called a flag.
Under the influence of this pattern, DOGE price fell from $0.228 to a 15-week low of $0.113, registering a loss of 50.4%. However, the price is now stabilizing around $0.12, accompanied by other technical levels such as the 50-week EMA, 61.8% FIB, and the flag support trendline.
Dogecoin price chart
Dogecoin’s failure to break above the $0.13 resistance and continue above $0.15 could signify a lack of direction. Pressure on the support at $0.12 could lead to more losses, with drops below $0.1 likely. Investors should consider whether Dogecoin is one of the cryptocurrencies to remove from their portfolio if there is no upside progress in the coming weeks.
3.Lido DAO (LDO)
According to data from CoinMarketCap, the Lido DAO token recorded significant trading volume, which increased by more than 31% to reach approximately $309 million. The market capitalization also increased significantly by approximately 15.83% to approximately $2.12 billion. This wave was carried out I DO in 43rd place in the market capitalization ranking.
The LDO continues to trade in the $1.82 to $2.39 range, reflecting heightened trading activity. Over the past 30 days, the LDO has seen an overall increase of around 36%, indicating an uptrend.
Lido DAO price chart | Tradingview
Lido DAO is experiencing a notable uptrend that could signal the start of a bullish period. If this positive trend persists, it will soon break above the $3 resistance barrier. A continued increase could push its value towards the $4 mark, with the aspiration of reaching $5 in the next bull cycle.
On the other hand, a change in market dynamics could consolidate Lido DAO’s position at a $2.36 support level. If the decline continues, LDO could see its price fall to $2, indicating a shift towards a bear market environment. If this recession deepens, investors could add LDOs to cryptocurrencies to sell in June while waiting for the next big breakout.
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