Altcoins
These Two Small-Cap Altcoins Are Flashing Bullish Signals Amid Heightened FUD, Says Analytics Firm Santiment
A crypto analytics platform says two under-the-radar altcoins are flashing bullish signals as fear, uncertainty, and doubt (FUD) centered around digital assets rises.
According to the news data from market intelligence firm Santiment, small-cap altcoins such as decentralized finance (DeFI) platform Balancer (BALL) and the decentralized application builder Chromia (CHR) are poised to see gains after traders who short them face liquidation.
“Altcoins with extremely low funding rates are a great signal to buy into the crowd FUD right now. Over the past 24 hours, three major assets stand out as heavily shorted projects on Binance: Balancer, Chromia, and Celer. Short liquidations are driving bullish moves.”
Source: Santiment/X
Balancer and Chromia are trading at $2.53 and $0.231 respectively at the time of writing.
Santiment said that some key events – such as the hack of the Bittensor artificial intelligence marketplace (TAO) and Bitcoin (Bitcoin) falling below the $60,000 price level – have intensified discussions about FUD related to cryptocurrency markets.
“Fear is in the air, as traders discuss:
-Bittensor went down following a security breach that collectively drained $8 million worth of TAO from wallets.
-Bitcoin briefly fell below $60,000, leading traders to voice worrying narratives and wishes to “sell their bags” before it was too late.
There should be a window to capitalize while the FUD is at this level among the crowd.
Source: Santiment/X
At the time of writing, Bitcoin and Bittensor are trading at $58,226 and $224, respectively.
Finally, Santiment strong points that altcoin traders’ portfolios indicate they are “well underwater.” 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 thing – Subscribe to receive email alerts directly to your inbox
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