On-chain analytics platform Santiment has announced altcoin projects that could explode in parallel with the participation of traders. On the other hand, it also announced projects that are likely to collapse. Here are the details…
Santiment expects drop for three altcoins
Bitcoin (BTC) price continues to trade above $20,000. Crypto markets in general have been spending time resisting significant bearish moves lately. On the other hand, Ethereum prices continue to stay above $1,300 as DeFi and NFT areas also show strength. Amid the sideways market sentiment, popular altcoins such as Cardano, EOS and Tron are expected to drop drastically in the coming days.
😠 #Cardano, #EOS, and #Tron are 3 once popular assets that have had trading crowds begin to turn on them. Price performance has been particularly rough for these three in 2022, and the capitulation may soon lead to price rebounds to reel them back in. 🎣https://t.co/aUn68ATVEw pic.twitter.com/fY7cXogli0
— Santiment (@santimentfeed) October 5, 2022
According to data from Santiment, an on-chain analytics platform, ADA, EOS and TRX are the 3 assets that are predicted to decrease in trader participation. This decline is mainly due to the extensive consolidation in altcoins. Cardano’s price has been trading below $0.6 for over 4 months. EOS price failed to stay above earned levels. It quickly fell below the neckline of the double top formation. The price of TRX has dropped about 17-18 percent in the last 2 months. According to Santiment, this may have turned investors away from these altcoins.
These altcoins have a bullish signal
On the other hand, altcoins like LINK, MATIC, and AAVE are on the verge of a big boom as they signal a short-lived top. However, the rise remains dependent on the stability of Bitcoin prices. Therefore, if prices stay above $20,000, it would be positive for the market. BTC prices cut the critical trendline and rise upwards. However, it cannot stay above the earned levels. Also, on a daily basis, the bears tried to push the price as low as $19,730 (on Binance). However, the bulls were determined to defend and prevent further declines.
📊 The early week price rises have led to high profit taking levels for #Chainlink, #Polygon, and #Aave. Typically, these can be some short-term top signals, but if accompanied by stability from #Bitcoin staying over $20k, there could be room for growth. https://t.co/1mWdvHXqxu pic.twitter.com/L1GEZoi5Gp
— Santiment (@santimentfeed) October 5, 2022
What is the latest situation in the market?
It is important for the price of the cryptocurrency to stay above $20,000 for higher levels in the market overall. cryptocoin.com As we reported, the broader cryptocurrency market was also relatively quiet in the past day. With a few exceptions, most altcoins are consolidating. XRP continues to perform very strongly, increasing another 3 percent over the past 24 hours and pushing $0.50. At the same time, Ethereum Name Service (ENS) is up about 11 percent today. This also makes it one of the best performing cryptos. In any case, sentiment in the broader cryptocurrency market has slightly improved compared to yesterday and last week. Still, there are fears of decline.
