Crypto Market Update: 3 Cryptocurrencies to Approach With Caution

While the cryptocurrency industry offers lucrative opportunities, not all cryptocurrencies are ideal for trading all the time. To assist traders and investors in making informed decisions, indicators such as price action, recent developments, and crypto rating platforms have been used to identify cryptocurrencies that are best avoided in the near future. Let’s explore three assets that currently need attention.

KuCoin (KCS) Faces Regulatory Oversight

As regulatory scrutiny increases in the crypto exchange landscape, KuCoin (KCS) has emerged as a potential target following the Binance challenge. This led to a significant outflow of KuCoin reserves, resulting in a ‘D’ or ‘weak’ rating from Weiss Crypto Ratings (WCR) for its native token. In addition, KCS has been trending downwards on its chart, with a 1.53% drop in the last 24 hours, a 5.25% loss in the previous seven days, and a 9.44% drop on the monthly chart. The current trading price stands at $6.66.

Terra Classic (LUNC) Struggles Despite Development Efforts

Terra Classic (LUNC), the original chain from the collapsing Terra (LUNA) ecosystem, has faced challenges despite the recovery of the market and the hard work of its development team. The cryptocurrency is currently rated ‘CC’ or ‘highly vulnerable’ by Wikirating’s Crypto Rating Index (CRI). LUNC has witnessed a 3.48% drop in price in the last few days and a 1% drop over the last week. However, it has shown a modest increase of 3.47% in the last 30 days, trading at $0.00009081.

The struggle of ApeCoin (APE) in the Bored Ape Yacht Club (BAYC) Ecosystem.

ApeCoin (APE), the utility and governance token of the Bored Ape Yacht Club (BAYC) ecosystem, is facing significant challenges. After peaking in mid-April, ApeCoin has seen a decline in value of more than 55%, a nearly 38% drop in the past month and a 43% drop since the start of the year. At the time of writing, ApeCoin is valued at $2.17, experiencing a daily loss of 6.54%, an increase of 3.91% over the past week, but still reflecting an adverse 37.70% change in price over the previous month.

While cryptocurrencies have faced difficulties, it is important to remember that the crypto market is very dynamic, and trends can change quickly. Investors and traders should monitor these specific assets closely and conduct thorough research before making investment decisions. Staying informed and adapting strategies accordingly is essential in the ever-evolving cryptocurrency sector.