Two altcoins that could potentially be a good investment amidst the downturn

According to the latest data from the crypto market analysis company Santiment, the prices of some low-capitalization altcoins may start to rise. Claims from the platform state that the decentralized finance (DeFi) platform Balancer (BAL) and the decentralized application development platform Chromia (CHR) are among those 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 exceptionally low funding rates represent an excellent buying opportunity against the backdrop of the crowd’s FUD [fear, uncertainty, and doubt]. In the last 24 hours, three of the assets that have been heavily shorted on Binance are Balancer, Chromia, and Celer. Liquidations of short positions typically lead to an increase in prices. Read more:

After Mt.Gox transferred $540 billion worth of BTC, the price of Bitcoin fell below $2.7. Santiment also pointed out that the wallets of altcoin traders show significant losses. Moreover, the analytics company identified several altcoins in “historically good zones for purchase,” 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 underwater. 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