Bitcoin fell by over 2% on Monday as the bears returned after a strong week for Bitcoin. Investors are using this opportunity to buy the dip in some major coins and accumulate them at these low prices. However, it is essential to not buy coins that are about to break their support, thus even if they are fundamentally strong coins they could fall to new lows. Here are three major coins to avoid buying the dip in.
Terra Luna (LUNA/USD)
Luna, a coin that investors referred to as one of the most bullish coins in a down-trending market has now lost its strength. Luna is trading over 55% lower from its highs and it is not looking like a reversal will be seen any time soon. Luna has also broken a crucial support level at $51, thus it is looking like it will be heading towards the next support which is at $35. Investors can take long entries near the support level, or wait for Luna to cross the $51 mark.
Litecoin has failed to show strength since November and has been continuously falling since then, which is why it has fallen by over 65% since November. Litecoin was trading 2% lower on Monday as is on the verge of breaking down from a crucial support level at $105. Thus investors should stay away from Litecoin for the moment until some buying is seen.
Cake has fallen by over 40% in just the past three weeks, and it is looking like the worse is yet to come. Cake has fallen by over 75% from its highs and it is looking like a further fall can be seen soon. It is now trading at a very weak support at $6.8, which can be broken anytime soon thus investors should stay away from Cake at the moment.