According to the latest data from cryptocurrency market analysis firm Santiment, prices of some small-cap altcoins may be on the rise.
From the platform’s claims, decentralized finance (DeFi) platform Balancer (BAL) and decentralized application creation platform Chromia (CHR) are both potentially poised for gains as altcoins.
This is due to liquidation pressure faced by traders shorting related assets:
Amidst fear, uncertainty, and doubt (FUD), low-capitalization altcoins represent excellent buying opportunities.
In the past 24 hours, the three assets heavily shorted on Binance were Balancer, Chromia, and Celer. Liquidation of short positions typically leads to price increases.
Read more:
Following Mt. Gox’s transfer of $54 billion in BTC, Bitcoin prices dropped below $2.7.
Santiment also noted significant losses in wallets of altcoin traders. Additionally, the analysis firm identified “historically good areas to buy” including Chromia (CHR), gaming protocol Highstreet (HIGH), and Basic Attention Token (BAT).
According to mid-term average returns across almost all altcoin wallets, traders are in distress. This @santimentfeed Average and Realized Value (MVRV) model highlights feasible entry points for BAT, CHR, and HIGH. Meanwhile, projects like ENS, OM, and RSR are also projects…
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– Santiment (@santimentfeed)
July 3, 2024
