3 Crypto to Sell Now to Prevent Bear Market Losses

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The markets continue to experience volatility, and investors seek some crypto to sell to protect their portfolios from further potential losses. While some crypto assets show signs of surging in price, others are flashing signs of further drops, falling victim to the bear market.

The crypto market has dropped by 0.3% to just above $2 trillion, while the Bitcoin price has recovered by 0.6%, according to CoinGecko data. Nonfarm Payrolls will drop on Friday, and the data could positively or negatively influence the crypto asset prices going into the weekend and extending into next week.

1. Cryptos to Sell Now— Avalanche (AVAX)

Avalanche price is dropping as it has been trending inside a falling channel, indicating bearish momentum. AVAX price has consistently faced rejection at the channel’s upper boundary and is heading lower after a failed breakout attempt near the 50-day EMA.

The key support level lies near $18.00, which is the next likely target if the bearish momentum continues.

The Avalanche trading volume is decreasing as the price approaches lower levels, indicating that there isn’t strong buying interest. If the bear market prolongs, this supports the likelihood of a continued move toward the channel’s lower boundary around $18.00.

The 50-day EMA and 200-day EMA are sloping downward, reinforcing the bearish trend. The price consistently trades below these levels, signaling that sellers remain in control.

The long-term trend remains bearish unless the price breaks above the $29 major resistance.

2. Gala (GALA)

The GALA token price is also trending down as it moves below the 50-day EMA (green line) and the 200-day EMA (black line). The price is also near the lower part of the falling channel, suggesting potential for further downside unless a breakout above resistance occurs.

Gala token is one of the crypto to sell because the price is projected to drop to $0.0174 or lower to $0.0120 since the Relative Strength Index (RSI) hovers around 43.95, below the neutral 50 levels, signalling bearish momentum.

However, the RSI is not yet in the oversold territory (<30), suggesting there could still be room for further downside before any reversal.

3. Cosmos (ATOM)

Cosmos price is moving downward as it has broken below the key support level at $4.50, indicating further downside pressure making it another crypto to sell. The nearest resistance is currently at $4.50 (bottom of the range), and if the price recovers, the next resistance would be around $5.42 (top of the range)

However, Cosmos price is sporting signs of dropping lower as the Chaikin Money Flow (CMF) is at -0.12, indicating money flow out of the asset, confirming the bearish sentiment.

ATOM price may find lower support at $3.50, highlighted by the chart with the arrow pointing downward, an 11% drop from the current price.

These cryptos to sell are overwhelmingly bearish and have not recovered much with Bitcoin’s recent slight recovery. While fundamentals may be good, traders are not convinced they are enough to sustain the price higher, and technical indicators suggest further swing lower to the tune of double-digit percentage losses.

Conclusion

As the bear market continues to weigh on the cryptocurrency sector, investors should carefully consider crypto to sell that displays strong bearish signals. Avalanche (AVAX), Gala (GALA), and Cosmos (ATOM) are currently showing technical indicators that point to potential further declines. AVAX is stuck in a downward trend, facing rejection near key resistance levels, while GALA and ATOM are also experiencing weakening momentum, with price projections suggesting further losses.

In light of these trends, selling these cryptos could help prevent potential double-digit percentage losses as the market remains under pressure. Investors should also keep an eye on upcoming economic data, such as nonfarm payrolls, which may influence market sentiment in the near term.

Frequently Asked Questions (FAQs)

Avalanche (AVAX) is currently in a downward trend, trading within a falling channel. It faces strong resistance near the 50-day EMA, and the price continues to drop. Decreasing trading volume and bearish momentum suggest that AVAX may fall to $18.00 or lower. The price remains below both the 50-day and 200-day EMAs, signaling that sellers are in control.

While there is always a possibility for recovery, especially if the price breaks through key resistance levels, the current technical indicators for AVAX, GALA, and ATOM suggest continued bearish momentum. For AVAX, recovery would require a break above $29, and for GALA and ATOM, their respective indicators show more downside pressure before any potential reversal.

Market sentiment remains overwhelmingly bearish for AVAX, GALA, and ATOM. While Bitcoin has shown slight recovery, these altcoins have not rebounded in tandem. Technical indicators suggest further declines, and investors are not showing confidence in these assets.

Evans Karanja

Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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