The past week has yielded a lot of market momentum for some crypto assets, and not so much for others. Whenever a currency has a strong weekly trend, the subsequent dip is always inevitable. The following 5 altcoins may see a steep correction over the coming days.
This particular altcoin has shot up like a rocket in the past week, which is usually cause for a strong dip in the near future. Numeraire, while gaining 173.3%, is already beginning to show signs of weakness. Its current price of $51.1 is a prime target for shorters, as sustaining anything above $50 will be a crucial challenge.
It is also worth pointing out that every NMR was worth just $20 a few days ago. Shooting up in value like this has created a lot of profit potential, but the uptrend cannot be sustained forever. One dip has already taken place, yet the market recovered strongly. This second wave, however, is often problematic for all altcoins.
Although holders of WAVES will not be happy with it, there will be a market correction eventually. A net 111% increase in value in the span of 7 days is very impressive. it is also something the community had been waiting for after months of seemingly sideways traction. Sustaining such a trend is always difficult, especially with Bitcoin looking to make more strong moves.
Similar to other altcoins, the WAVES price is already showing signs of a pullback. How low the value will go, remains to be determined at this point. It is not uncommon to see up to 75% of recent gains negated, depending on the overall market circumstances. A return to $1.82 is not impossible either.
Reserve Rights Token (RSR)
Another one of the altcoins performing admirably last week is Reserve Rights Token. It too gained over 104% in value, generating a lot of profit for RSR holders in the process. After gaining over 100% in value, there will often be strong profit taking before moving onto the next crypto asset.
It will be interesting to see what this week will bring for RSR. A strong dip is looming on the horizon, which could push the price back to the $0.0122 range. That would result in a dip of over 60%, but that is how altcoins usually tend to perform, after all.
Similar to the other altcoins, Aragon is likely to fall subject to a steep market correction. Although such trends are impossible to accurately predict – these are crypto markets, after all – the recent 77% gain has not gone by unnoticed. It is only normal that some market decrease will occur, especially when looking at the bigger picture.
Over the past 30 days, ARN has gained nearly 350%. Such a strong uptrend is unsustainable for a coin valued at just $2 not that long ago. This is a bullish season for both Bitcoin and altcoins, but miracles still don’t exist. That said, nothing is impossible when it comes to cryptocurrencies either.
The ongoing DeFi craze in the cryptocurrency industry is something to behold. However, the total value locked in all of these platforms is more than likely incorrect. Inflating the numbers makes tokens like REN seem more valuable than they really are. Keeping that in mind, a steep correction is likely to occur sooner or later.
With a net 75% gain, REN is one of the altcoins noting a very good week. That being said, this is not a sustainable rate of growth, no matter how popular the asset may be in the decentralized finance ecosystem. In the end, a lot of the momentum will come down to both Bitcoin and Ethereum, If either goes down hard, there will be repercussions for all other markets to boot.
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