Which Coins Should You Sell and Which Should You Buy?
- WBOYOriginal
- 2024-08-10 00:52:15989browse
There is always a question of whether you’re holding the right coins in your portfolio, especially after Monday’s significant bear trap dip.
Crypto prices have varied widely in the past 24 hours, with some coins, such as Solana and Casper, experiencing a strong rebound following Monday's bear trap dip, while others, like Atom and Fetch.ai, have shown signs of lagging behind. This disparity in performance has left many wondering whether they should sell coins that aren't performing and invest in better options.
Recent market changes, influenced by central banks attempting to weaken the dollar, may indicate that the worst is over and prices could rise again. While some coins, like Solana and Casper, have made a strong comeback, others, like Atom and Fetch.ai, haven't shown much recovery. This raises the question of whether you should sell coins that aren't doing well and put your money into those that are recovering.
The host also discussed the sunk cost fallacy, which is the tendency to hold onto losing investments because of the money already spent. He advised that if a coin is unlikely to recover, it might be better to sell it and invest in coins showing strong growth. For example, meme coins that are losing popularity might be better swapped for ones that are gaining traction, like Dog wif Hat. He pointed out that even if some coins might recover in the future, their 7-day charts show no signs of improvement right now.
While some areas like DeFi may not be showing strong growth at the moment, they could perform well later in the bull market. For example, HBAR has seen a bit of recovery.
The analyst also mentioned that some coins, especially meme coins, might be too far gone to recover. If you've been holding onto underperforming coins, it might be better to sell them and invest in coins that are currently gaining traction. For instance, Octo Gaming has surged recently, and investing in such coins could help you recover losses.
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