Welcome back,
The crypto market is actually recovering from the recent crash, and while the market still fluctuates a lot, people might see it as an opportunity to make quick profits. While it is true that there is an opportunity to make quick profits, the fact that it comes with a lot of risk can’t be ignored. So make sure you keep this in mind that there is a huge risk if you are trading in coins that are moving too quickly or fluctuating often.
Now if you ask me at this point of time, I will only suggest you to stick with strong tokens because we never know what will happen to the tokens that are fluctuating a lot. I am going to take an example of one of the tokens that my friend recently dealt in.
It is COAI, and this token actually pumped till $20, and now it is currently trading at $5. My friend bought it at $12 to $13, and so he is actually in loss. I don’t know if he sold it already, but if you are thinking that you will make profits in just any coin which is fluctuating, then that is not the case.
Even if you are good at technical analysis, these tokens don’t have enough data to analyze properly, and so staying away from them is the best option. Now if you ask me about which tokens to invest in that are strong and have use cases in the industry, I am definitely going to say that there are a few tokens in my mind like SUI token and ENA token. These two tokens are among the strongest in my opinion.
ETHENA (ENA) pumped approximately 40-50% from $0.35 to around $0.50, and that is a huge pump in my opinion. SUI Token is still trading at a price of $2.55, so I think there is an opportunity to buy that one, because once it crosses the resistance of $3, then we are going to see it pumping higher. These two tokens, I think, are among the best tokens right now in my opinion based on my research.
Then if I think about one of the risky tokens, I will mention PENGU, because PENGU is currently trading at $0.22, and it was trading at $0.40 last month. So that is one of the coins you can buy and hold for the long term, and it can easily give you a 50% return in the long run.
So stick with strong tokens and stay away from tokens that are fluctuating a lot. They can definitely give you profit, but don’t ignore the risk that comes with them. Do your own research and make sure you don’t end up losing money at this phase of the market.
Thank you and happy trading everyone.
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