3 Altcoins to Sell in May And Go Away To Avoid Long-term Losses 📉🛑
Most altcoins ended April on a strong note, with some surging by over 50% from their monthly lows.
The idea of selling assets in May has been around for many years, although there is no empirical data that shows an underperformance during the month. Indeed, as the chart below shows, Ethereum typically does well in May. Bitcoin also achieves a similar result, with an average return of approximately 8%.
What is clear, however, is that the Summer months are among the worst in the crypto industry. For example, the average Bitcoin return in June, July, August, and September are -0.35%, 7.56%, 1.75%, and -3.7%. As such, to some extent, it may make sense to sell in May and go away as the phrase suggests. Some of the top crypto to sell are Algorand (ALGO), Official Trump (TRUMP), and Ethereum (ETH).
Algorand ($ALGO ) is one of the top altcoins to sell in May and go away. FIFA, its most important partner, has jumped ship and is building its own chain. Its DeFi TVL has dropped from over $5 billion at its peak to $116 million. Most notably, Algorand stakers have been dumping the token in the past few months, a sign of waning demand. Therefore, ALGO price faces no immediate catalyst and may continue falling in May.
Another top crypto to sell in May and go away is the Trump meme coin. It went parabolic after announcing an exclusive dinner with Trump for the top holders. It surged by over 130% between its lowest and its highest levels in April.
Ethereum is also one of the blue-chip altcoins to sell in May. The main reason for this is that it has formed a giant triple-top pattern, and is now below the neckline. This pattern often leads to more downside, especially after it breaches the neckline level.
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