Altcoins
These two small-cap altcoins are flashing bullish signals amid high FUD, says analytics firm Santiment
A cryptocurrency analytics platform says two under-regarded altcoins are flashing bullish signals, as fear, uncertainty, and doubt (FUD) surrounding the digital asset rises.
According to the new data from market intelligence firm Santiment, small-cap altcoins such as decentralized finance (DeFI) platform Balancer (BAL) and the decentralized application builder Chromia (CHR) are set to post gains after traders who shorted them are liquidated.
“Altcoins with extremely low funding rates are a great signal to buy into the crowd FUD right now. In the last 24 hours, three notable assets have stood out as projects with strong short sales on Binance: Balancer, Chromia, and Celer. Short liquidations lead to upside.”
Source: Santiment/X
At the time of writing, Balancer and Chromia are trading at $2.53 and $0.231 respectively.
Holiness He says that some key events – such as the hacking of the artificial intelligence market Bittensor (Information Office) and Bitcoin (BTC) dropping below the $60,000 price level – have intensified discussions about FUD in relation to cryptocurrency markets.
“Fear is in the air as traders are discussing:
– Bittensor crashed following a security breach that drained a total of $8 million in TAO from wallets.
– Bitcoin briefly dropped below $60,000, prompting traders to express concern and declare they want to “sell their money” before it’s too late.
There should be a window to capitalize while the FUD is so high among the crowd.”
Source: Santiment/X
At the time of writing, Bitcoin and Bittensor are trading at $58,226 and $224, respectively.
Finally, Santiment highlights that altcoin traders’ portfolios indicate they are “well under water.” Additionally, the analytics firm notes that some altcoins are historically in “historically good buy zones,” including CHR, metaverse gaming protocol Highstreet (HIGH), and digital advertising blockchain Basic Attention Token (BAT).
Source: Santiment/X Don’t miss a beat – subscribe to receive email alerts directly in your inbox
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