In the world of cryptocurrency trading, fortunes can be made — and lost — in a matter of days. One such example is James Wynn, a crypto trader famous for using high leverage in his trades. Recently, Wynn faced one of the biggest losses of his career, losing over $60 million in just seven days.
What Happened?
The trouble began on May 19th, when Wynn opened a big trade on Bitcoin using 40x leverage. This means for every $1 of his own money, he borrowed $40 to increase his bet. He started with 5,520 Bitcoin at a price of around $103,300. Over the next few days, he kept increasing his position, pushing it past 9,300 Bitcoin and then above the $1 billion mark.
At first, it looked like a smart move. As Bitcoin’s price rose, Wynn’s trade showed unrealized profits of over $10 million. He even locked in some gains by closing part of his position. But the market soon turned against him. A drop in Bitcoin’s price, triggered by news about new U.S. tariffs on European goods, caused his position to lose value fast.
Wynn tried to recover by adding new trades and switching strategies, but the losses kept piling up. By May 26th, he had lost about $60 million, making it one of the steepest declines of his career. Despite the setback, he mentioned that his trading account still had around $25 million in profits from earlier trades.
Who Is James Wynn?
James Wynn became famous in the crypto world during the 2022 bull market. Back then, he reportedly got support from Alameda Research, a trading firm known for backing new crypto traders. Wynn gained attention for his aggressive trading style, using leverage levels as high as 40x to amplify his positions.
He made big profits trading Bitcoin and meme coins like Pepe Coin and Official Trump Token. His strategy involves reacting quickly to market moves and even using social media to share his positions, which sometimes influences other traders.
Onyxcoin (XCN) experienced an impressive rally earlier this month but has struggled to recover from subsequent declines. Despite initial optimism, the altcoin has failed to regain its momentum, leaving XCN holders increasingly impatient.
As the market sentiment turns uncertain, XCN enthusiasts are questioning the potential for a price uptrend.
Onyxcoin Investors Are Uncertain Of Returns
The current market sentiment for Onyxcoin is largely negative, as reflected in its funding rate. The negative funding rate indicates that more traders are betting against the coin by placing short contracts in the futures market.
This growing dominance of short positions signals skepticism among investors, who are primarily aiming to profit from a potential price drop rather than expecting upward movement. The market is currently more inclined toward caution, and the lack of confidence in a price uptrend has led to increased bearish sentiment among traders.
Onyxcoin’s macro momentum also presents challenges for investors. The Chaikin Money Flow (CMF) indicator, which measures the volume-weighted average of accumulation and distribution, is currently in negative territory, signaling that outflows are still dominating the market. Although the CMF is slightly rising, it has not been able to sustain any meaningful upward movement. This continued dominance of outflows suggests that XCN is still struggling to maintain bullish momentum.
Until the CMF consistently rises above the zero line, the overall sentiment remains cautious. This inability to gain traction could hinder XCN’s potential to break past key resistance levels, leaving the altcoin vulnerable to further declines.
XCN price is currently trading at $0.0186, showing a modest 11% increase over the last 24 hours. While the broader crypto market has experienced an uptick, XCN may struggle to hold above its support at $0.0182.
If the altcoin fails to maintain this level, a drop to $0.0150 is likely, marking a two-week low for the token. This would wipe out the recent gains and could trigger further selling as investors look to minimize their losses.
On the other hand, if XCN successfully secures $0.0182 as a support floor, it could signal a potential recovery. In this scenario, the altcoin might rise to $0.0237, invalidating the bearish outlook and providing an opportunity for further gains. However, this will require stronger investor confidence and broader market support.
The memecoin ecosystem has joined the latest revival in the broader market, with the Shiba Inu price now in the spotlight. The memecoin has reset its bearish outlook and will break crucial price milestones in the coming days.
For Shiba Inu, the death cross formation was confirmed on April 6 when the price dropped from $0.00001232 to a low of $0.00001030.
Shiba Inu Price Golden Cross Confirmed
Market data shows that the SHIB price is gradually disappearing from its earlier consolidation trend. At the time of writing, the coin’s price was changing hands for $0.00001249, up by 2.14% in 24 hours.
SHIB recovered after trading at a low price of $0.00001205 to a daily high of $0.00001265 before settling at the current level. This price boost comes as the SHIB burn rate jumped 1000% in early trading, setting the memecoin on a possible revival path.
SHIB/USDT 4H Chart. Source: TradingView
The SHIB/USDT 4h chart confirms a golden cross pattern for the memecoin. This pattern is formed when the short-term Moving Average switches above the longer-term moving average.
Although this pattern is fully formed on the 4-hour chart, it is yet to form on the daily chart. However, with the current momentum, a confirmed breakout is possible. Already, the token has displaced Hedera and now ranks as the 17th largest cryptocurrency.
Shibarium Catalyst for Price Rebound
Different ecosystem factors can boost the price of Shiba Inu in the long term. One of these factors is closely tied to the outlook of Shibarium and its associated Layer-2 scaling solution.
As reported earlier by CoinGape, the Shibarium 200 million addresses milestone is near. If the network attains this landmark, it will show a clear sign of growing adoption, a move that might boost its token valuation.
Already, Shibarium has broken the 1 billion total transaction milestone. Should the Shiba Inu network continue to record organic growth, its chances of outranking Dogecoin is higher.
Amid the ongoing boost, the question remains how high the memecoin could soar. Drawing on this, a potential SHIB retest of its ATH of $0.00008844 is possible moving forward. While it will require as much as a 710% growth from current levels, SHIB can print this uptick, drawing on its historical trend.
The crypto market trades in the green today, April 21, with Bitcoin price clinching a three-week high above $87,000, pulling top altcoins up. However, despite the gains, macroeconomic fears still linger due to the ongoing US tariffs, with Japan’s recent refusal to concede on all US demands sparking marking anxiety. Traders are now looking for altcoins to sell to minimize the likelihood of making losses if any deal between the US and Japan on tariffs falls through.
Japan-US Deal on Tariffs At A Crossroads – Time to Sell Altcoins?
The deal between Japan and the US on tariffs may be on the verge of hitting a dead end, causing investors to look for altcoins to sell. Japan’s Prime Minister Shigeru Ishiba has stated that the country will not keep conceding to US tariffs to US demands on tariffs, suggesting that the negotiations might hit a dead end.
At the same time, Fox Business reporter Charles Gasparino has stated that while there was “progress” in the ongoing trade deal talks with Japan, this tariff deal was not imminent, suggesting a slight chance that the talks may fail.
Additionally, the level of market uncertainty has seen the price of gold surge past $3,400 for the first time in history. Meanwhile, the US dollar index has fallen to 98, its lowest level in over three years. These macroeconomic headwinds make it a perfect time for traders to sell altcoins and book profits before the downtrend progresses.
4 Altcoins to Sell Now
The four altcoins that investors should consider to sell now and Pi Network (PI), Mantra (OM), Polygon (POL), and Official Trump (TRUMP). These altcoins have stood out because of their bearish technical outlook and the lack of strong fundamentals.
Pi Network (PI)
Pi Network is one of the top altcoins to sell because of its bearish technical outlook as well as a lack of strong catalysts to support a recovery. At the same time, the ongoing PI token unlocks suggest that this altcoin might be on the verge of a downtrend despite attempts by the team to buy back the unlocked coins.
The hourly chart shows that the Pi Network price has stumbled and fallen to the lower Bollinger band. This signals that Pi Coin might fall to the 1.618 Fibonacci level of $0.47, which might put the altcoin on the path to reaching all-time lows.
PI/USDT: 1-Hour Chart
Polygon (POL)
The other top altcoin to sell is Polygon (POL). Analyst Andrew Griffiths has shared a bearish Polygon price prediction, suggesting that this altcoin might plunge significantly. In his analysis, Griffiths noted that POL price was approaching a key resistance level near the 200-day EMA.
This analyst further noted that whale activity linked to Polygon was dropping, which further suggests that the altcoin might decline in price. Considering these bearish factors, Polygon is one of the top altcoins to sell now to avoid losses.
Polygon Price Chart
Official Trump (TRUMP)
The other altcoin to sell is TRUMP, which is one of the meme coins associated with the US President. Data from Coinglass shows that TRUMP funding rates have flipped negative, which is an indication that short sellers are opening bets that this meme coin will record a massive decline. This is a bearish outlook for the TRUMP meme coin, which is why traders might decide to sell now to avoid losses.
TRUMP Funding Rate
Mantra (OM)
Most crypto traders have been looking to sell the Mantra altcoin after the recent crash in this token tainted investor confidence. Despite efforts by the team to return this confidence through initiatives such as burning the tokens held by the team, this altcoin continues to plunge. If there is no fresh support from buyers to support a recovery, the altcoin is facing a bearish Mantra price prediction, making now an ideal time to sell.
Summary of Top Altcoins to Sell
The crypto market is on the verge of volatility amid reports that the tariff deal between the US and Japan is on shaky grounds, with the latter saying it will not concede to all demands. Due to the ongoing uncertainty, crypto traders are looking for the top altcoins to sell to avoid making losses if the market conditions flip bearish again.
