Avoid These Cryptocurrencies for Profitable Trading Next Week

The cryptocurrency market is experiencing a bullish trend

The cryptocurrency market is currently in a bullish trend, marked by Bitcoin (BTC) reaching new all-time highs in a matter of days. The enthusiasm surrounding Bitcoin's achievements has spilled over to the general market, with several cryptocurrencies recording significant gains.

Reasons to Avoid Chainlink (LINK)

Chainlink's price movement has deviated from the broader market trend, with notable decreases in dormant circulation supply and weighted sentiment. These factors, coupled with a sudden shift in investor sentiment, imply potential selling pressure.

LINK Dormant Circulation Supply

Between February 6 and March 3, Chainlink's dormant circulation supply experienced a significant decrease, followed by a drastic reduction of 87.68% on March 6.

Chainlink's Weighted Sentiment

Chainlink's weighted sentiment has reached a new low, indicating a bearish outlook for the cryptocurrency.

Cautions About VeChain (VET)

While VeChain has seen long-term success, current trading at $0.04 shows short-term bearish sentiments. Traders should be wary of consolidation below $0.05, as it may lead to false breakouts and increased volatility.

VET Accumulation Chart

VeChain's accumulation chart illustrates the indecisiveness in the market, urging traders to wait for breakout confirmations.

Concerns with Injective (INJ)

Injective has missed out on recent market upswings and experienced fluctuations despite introducing innovative cross-chain solutions. Traders should monitor how INJ responds to these developments before making strategic decisions.

It's advisable to exercise caution and patience in navigating the volatile digital asset market.