In this LATOKEN review, we want to talk about altcoins… Against the background of the decline in the Bitcoin rate, the quotations of other digital coins also fell. Will tokens be able to recover or continue to move down? Let’s try to figure it out with this LATOKEN review!
On August 25, the value of some altcoins declined. For example, the Ethereum price dropped by 3%, the price of the Solana token fell by 6%, and the Luna token fell by almost 7%. It happened against the backdrop of a fall in Bitcoin quotations. On August 25, the price of the leading crypto reached $47,1 K, after which it returned above $48 K again.
You might have a lot of questions… So why Ethereum is dropping? And why Solana is pumping? Why Cardano is falling? Let’s find out what might happen next. Will altcoin quotations continue to decline shortly, or will coins rise in price?
Altcoins: trend and lag
When evaluating a portfolio of altcoins, it is worth paying attention to Bitcoin trends. Altcoins still follow Bitcoin trends with some lag and a lot of volatility.
Growth to the current levels is still within the framework of the correction of the continuing bearish trend. It is too early to talk about the final reversal of the medium-term bearish trend. Bitcoin needs to gain a foothold above $50-51 thousand so that we can speak of a global trend reversal.
An interesting fact is a high level of “greed” in the crypto market. Over the past month, the Fear & Greed Index has risen to an extreme level. It is one of the signs of a possible correction. Although historically, the market can be in this state for several months before a trend change.
In the coming weeks, we can expect a rollback of bitcoin to $ 44 thousand, which can provoke a correction of altcoins by 10-15%. However, some experts say a more significant downward movement is not expected in the short-term strategy, so such levels are likely to be a good entry point.
The current situation involves many risks, so it is not recommended to open new long positions but keep the ones already open.
However, many believe that altcoins are moving after bitcoin; therefore, if there is no special news from projects (for example, from the developers of Cardano and Polkadot), then nothing special will happen in the market of alternative coins.
Short term altcoins correction. LATOKEN review
Some experts believe that the market is experiencing a temporary, short-term correction amid a decrease in the volume of purchases of bitcoin and other top coins. However, we also want to remind you that a decrease in demand leads to a price correction until the demand grows again.
If the goal is to buy altcoins for the long term, then this can be done practically at any time. However, if we talk about trying to make money in the short term, then in this situation, crypto experts believe that it is better to postpone and wait for recovery and continued growth.
When choosing tokens for investment, many analysts advise paying attention to assets that have a long-term perspective. These coins potentially include Uniswap, Cardano, Chainlink, Polkadot, Polygon, Chiliz, and others. The probability of earning income from these projects over time may turn out to be higher than investing in any dubious or hype projects. However, keep in mind that like many other assets, cryptocurrencies are subject to high market risk, so always trade with caution. LATOKEN doesn’t provide any investment advice.
Want to start trading altcoins? You can always do it on the LATOKEN exchange!START TRADING ALTCOINS
Furthermore, don’t forget that the crypto market is full of crypto scams and shitcoins. When dealing with crypto, you should always do your research. Before buying a token, it is essential to be aware of everything that is somehow connected with the project. The more you know, the less likely you are to become a victim of a crypto scam.
If you want to learn more about tokens listed on LATOKEN, crypto projects through LATOKEN Review, and tips on avoiding becoming a victim of a cryptocurrency scam, follow us on Medium, LATOKEN Blog, or LATOKEN VCTV channels.
What is LATOKEN? It is a fast-paced international crypto exchange and IEO platform with 1.3+ million users throughout the world.
LATOKEN brings commerce and banking to blockchain technology to automate transaction processing and save billions of working hours per year. Only one year after its launch, LATOKEN got 850,000+ downloads on Google Play and 1,200,000+ subscribers on social networks. Entrepreneurs and business owners who look for funding can also consider the LATOKEN IEO Launchpad. More than 300 digital assets and 500 crypto pairs are available for traders with the ability to connect using RESTful APIs or WebSocket.
What is more, LATOKEN has recently launched a P2P service for its users to improve the trader experience further. And the cherry on top, LATOKEN hosted the Blockchain Economic Forum last year. BEF Roadshows connect crypto investors with business people to build the next big things.
LATOKEN does not provide investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like many other assets, cryptocurrencies are subject to high market risk. Please trade with caution.