Crypto Market Update: 3 Cryptocurrencies to Approach with Caution

While the cryptocurrency industry offers lucrative opportunities, not all cryptocurrencies are ideal for trading at all times. To assist traders and investors in making informed decisions, indicators such as price action, recent developments, and crypto rating platforms have been utilized to identify cryptocurrencies that may be wise to avoid in the near future. Let’s explore three assets that currently warrant cautionary attention.

KuCoin (KCS) Faces Regulatory Scrutiny

As regulatory scrutiny intensifies within the crypto exchange landscape, KuCoin (KCS) has emerged as a potential target following Binance’s challenges. This has led to significant outflows from KuCoin’s reserves, resulting in a ‘D’ or ‘weak’ rating from Weiss Crypto Ratings (WCR) for its native token. Moreover, KCS has experienced downward trends across its charts, with a 1.53% loss in the last 24 hours, a 5.25% drop in the previous seven days, and a 9.44% decline 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 of the collapsed Terra (LUNA) ecosystem, has faced challenges despite the market’s recovery and the diligent 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% price decline in the past day and a 1% decrease over the past week. However, it has shown a modest 3.47% increase in the last 30 days, trading at $0.00009081.

ApeCoin (APE) Struggles in Bored Ape Yacht Club (BAYC) Ecosystem

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

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