Attempts to post sustainable recoveries in the crypto market have kept ending in futility this week, starting with Bitcoin’s failed breakout to $60,000 on Thursday. Meanwhile, there has been a noticeable decline in stablecoin volumes to a seven-month low of $970 million. At a glance, this outlook may not raise eyebrows, however, a deeper evaluation could guide investors on the altcoins to sell this weekend to avoid the rabbit hole.
According to a report on the state of the stablecoins sector, June marked the third consecutive month of declines—18% mostly in USDT. Tether is the most dominant stablecoin, “accounting for 78.4% of volume among the top 10 stablecoins by market capitalization.
Stablecoins are often the on-and-offramp in the crypto market industry. They also help facilitate the majority of the trading in the market. Therefore, a persistent slump in the volumes may hint at dwindling interest among traders.
For that reason, it might be prudent to consider selecting altcoins to sell before more price dips engulf cryptocurrencies.
3. Altcoins to Sell – Slerf (SLERF)
Slerf is one of the crypto market’s most significant accidents, and it was a good thing. The project markets itself as a fun and engaging meme coin for the community. However, it wasn’t fun during the launch as the developer accidentally burned all the tokens—liquidity and airdrop allocations. The combined value of the tokens burned surpassed $10 million.
The price of SLERF surged after that as market participants dubbed it the safest meme coin in the blockchain. After hitting an all-time high of $1.3, 7.7X from the launch price, SLERF began to retrace and is currently at $0.186, down 86%.
Slerf still enjoys the title of being the most liquid meme coin on Solana and has continued to secure partnerships across the Solana ecosystem. The 24-hour trading volume for SLERF is up 4.6%, indicating investors’ interest in the token is increasing.
SLERF price is ranging near a critical level. If it falls below this level, it may hit new all-time lows.
2. Arbitrum (ARB)
Over the past week, ARB has been trading in a range bound between $0.6825 and $0.733, showcasing a notable increase of 17% in its value. The cryptocurrency reached its all-time high of $2.40 six months ago but has since declined significantly, currently trading around $0.69.
ARB Price chart | CoinGecko
Despite this decline, The recent performance indicates a positive trend, recovering from its all-time low of $0.5773, recorded just seven days ago.
According to DeFiLlama, Arbitrum price currently has a Total Value Locked (TVL) of approximately $2.829 billion. Over the last 24 hours, the platform has seen about $9 million inflows. Additionally, Arbitrum’s treasury holds $44 million, and the platform has raised $123 million to date.
Arbitrum price is currently seeing a significant decline in a bearish market environment. If this negative sentiment continues, Arbitrum’s value might stabilize at $0.68. Should market conditions degrade further, a drop to $0.67 could occur, reflecting a deeper bearish impact. An intensified downturn might push the price back down to $0.68.
Conversely, Arbitrum price could enter a bullish phase if investor confidence improves. A market reversal would likely push its value beyond the $0.70 resistance level. Continuing on this path, the cryptocurrency might approach $0.90. It could even reach as high as $1 in the foreseeable future.
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from CoinGape