According to the latest data from the crypto market analysis company Santiment, the prices of some low-cap altcoins may start to rise.
来自平台
宣称
, the decentralized financial (DeFi) platform Balancer (BAL) and the decentralized application creation platform Chromia (CHR) are among these altcoins that may be ready for potential gains.
This is due to the liquidation pressure faced by traders who are shorting these assets:
Altcoins with extremely low funding rates represent an excellent buying opportunity amid the [fear, uncertainty, and doubt] FUD of the crowd.
In the past 24 hours, three of the most shorted assets on Binance are Balancer, Chromia, and Celer. Short position liquidations typically lead to price increases.
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After Mt.Gox transferred $54 billion worth of BTC, Bitcoin prices fell below $2.7.
Santiment also pointed out that altcoin traders’ wallets show significant losses. Additionally, the analytical company identified several altcoins in “historically good buying zones,” including Chromia (CHR), the gaming protocol Highstreet (HIGH), and the digital advertising blockchain Basic Attention Token (BAT).
According to mid-term average returns of each wallet across nearly all altcoins, traders are well under water. The
@santimentfeed
Mean Value to Realized Value (MVRV) model shows mathematically viable entry points for BAT, CHR, and HIGH. Meanwhile, ENS, OM, and RSR are projects…
pic.twitter.com/3fMz2hqspN
-Santiment (@santimentfeed)
July 3, 2024
