My lessons from betting on altcoins over the past six months have been numerous. Starting from the BAS incident, I’ve become particularly sensitive to the trend patterns of certain projects. Now looking at FOLKS, the technical signals being released are making me a bit worried.

This coin has been retracing from the high of 7, with heavy selling pressure above. More importantly, if it breaks below 3.8, the risk becomes quite apparent. I’ve previously suffered losses on beat, night, light, and troor, almost always because I didn’t cut losses in time during the decline. This time, I’m being more cautious.

From my trading perspective, there’s still a chance for a short-term rebound, but once it falls below 3.8, I believe holding on further isn’t very necessary. If it really breaks down near the issuance price of 3.4, even for spot trading, it’s time to consider switching strategies. Instead of getting entangled here, it’s better to look at other more promising altcoin projects. The whales might really need to change tracks; the future potential of this type of coin could be limited.