There are a few digital assets that investors may want to approach with caution this month. Based on recent price movements, MINA, Starknet (STRK), and dogwifhat (WIF) appear to be among the cryptocurrencies that could be risky investments due to their recent bearish trends.
MINA’s Lackluster Performance
The MINA token has struggled since the beginning of the year, despite enjoying a significant surge of over 350% between October and December 2023. Since January, MINA has been consolidating and dipping, ranging between $1 and $1.7 until mid-April when it plunged to $0.69. Currently, the token is ranging between $0.69 and $0.9, showing no signs of recovery.
Starknet’s Post-Launch Disappointment
While Starknet (STRK) had an impressive launch in February, with its price skyrocketing from below $1 to a high of $7.6, the token’s performance has been disappointing since then. After a brief spike lasting about four weeks, STRK has been on a downward trend. From mid-April until now, the price has dipped by more than 60%, unaffected by the recent market spikes.
Also Read: Price Action that Triggered the Last Ethereum 13x Spike Reemerges: Key Levels to Watch
dogwifhat’s Make-or-Break Support Level
The dogwifhat (WIF) token has also been dipping, losing more than 30% in the last 10 days. However, the price is now approaching a crucial trendline support level, which has acted as a bounce point four times since March. Traders will want to closely watch if the support holds this time around. A decisive bounce could initiate a new rally, but if the support fails to hold, WIF could plunge further by 40% to $1.63.
Exercising caution and closely monitoring these assets’ price movements before making any investment decisions is advisable. The cryptocurrency landscape remains volatile, so prudent risk management and diversification strategies are recommended for investors.
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