Even though the majority of assets in the cryptocurrency market have started to recover this week, not all of them present a lucrative investment opportunity at all times, and sometimes, it might be a good idea to avoid them, although this does not necessarily take away from their long-term value.
In this context, Finbold has scoured through the cryptocurrency industry, observing factors such as recent performance, price activity, chart patterns, and developments (or their lack), to offer a list of three crypto assets that investors should consider abstaining from in the next week.
Rollbit Coin (RLB)
Rollbit Coin (RLB), the token launched as an integral part of the Rollbit lottery, seems to be one of the cryptocurrencies that the recent crypto sell-off has affected more than others, following pseudonymous influencer Gainzy swapping RLB sponsorship with that of a competitor.
As a result, RLB is recording declines of 8.35% in the last 24 hours, as much as a 31.07% drop across the previous seven days, and a loss of 29.4% on its monthly chart, currently trading at the price of $0.107, as the most recent information suggests.
Vulcan Forged (PYR)
Meanwhile, the native utility crypto of a blockchain play-to-earn game studio and non-fungible token (NFT) marketplace Vulcan Forged (PYR), known as the makers of VulcanVerse, has not been making many headlines or public appearances since February 2023 and is another asset taking a hit in the recent dip.
Specifically, its price at press time stood at $3.1788, indicating a loss of 2.48% to its value on the day, as well as dropping 6.25% on its weekly chart, in addition to the monthly decline of 1.39%, according to the latest data obtained by Finbold on September 22.
Finally, Gala (GALA), the core utility token for the Web3 game development and NFT platform Gala Games, has been struggling for the larger portion of the year, reversing the gains from an explosive start to 2023 that had sent it racing toward $0.0006 in January.
At the time of publication, Gala was changing hands at the price of $0.013207, down 5.16% on the day, recording an 8.56% decline across the previous week, and dipping as much as 32.12% over the past month, as the latest charts indicate.
For the most part, next week might not be an ideal time to invest in the above digital assets. However, things in this sector can often change on a whim, particularly considering the regulatory pressure on its key players or positive surprises in the form of mainstream institutions getting on the crypto bandwagon, so doing one’s own research before investing is adamant.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.