The cryptocurrency market is experiencing one of the biggest sell-offs in recent times. Almost all altcoins, including Bitcoin, have lost more than 60% from ATH prices. Well, which altcoins gave the green light to their investors in these conditions. Here are the 5 altcoins that give a “buy” signal…
5 altcoins that give the green light to their investors
Polkadot (DOT)
The open-source, sharding protocol Polkadot (DOT) brings together a private Blockchain network by providing connectivity. As such, most crypto advocates see Polkadot eventually becoming the backbone of Blockchain-based architectures. However, the DOT price dropped to $8 from the November 2021 high of $50. According to the other-moment liquidity metric, Polkadot offers buy orders of $84 million compared to sell orders just under $47 million.
Filecoin (FIL)
Filecoin (FIL) is basically a pretty interesting altcoin project. It provides decentralized storage ecosystem. You can think of it like a blockchain-based cloud storage system. However, like other cryptos to buy, the last few months have been problematic for Filecoin. After peaking in September 2021, it has steadily eroded in market cap. However, what has optimists dazzled Filecoin again is that this narrative may be changing. While the bulls and bears were locked in a tight bargain, the bids began to aggressively outpace requests.
Shiba Inu (SHIB)
For some, the Shiba Inu is just a speculative economy that does nothing. However, one factor that has consistently supported SHIB is the community behind it.
SHIB peaked in late October last year. The Shiba price has been drifting from bottom to bottom ever since. Interestingly, during this negative march, offers exceeded demands in several sessions. This is to remind you that you can’t always rely on the unified order book to navigate perfectly accurate trades.
However, the bulls are eager to jump on the SHIB train once again, as evidenced by the stronger ratios of buy orders versus sell orders. For example, at the time of writing, SHIB’s bids were valued at $58 million, over $26.2 million in requests.
Compound (COMP)
Compound (COMP), which is part of the rising movement for DeFi applications, is an intriguing concept. It is essentially a lending protocol that allows users to earn interest through pool deposits. COMP price tested the $500 resistance line throughout 2021. But by September, the volume of requests began to exceed offers. So finally COMP lowered its price.
While orders are quite volatile now, we are seeing some big rates coming in on the upside.
Symbol (XYM)
Symbol (XYM) is one of the low-value altcoin projects priced below $0.6. Featuring a PoS protocol, Symbol specializes in secure, fast-firing peer-to-peer transactions. Apparently, XYM also has a cult following in Japan and Korea.
XYM peaked in November last year. Then the market began to collapse and destroyed almost everything along with XYM. While the XYM bulls are fighting valiantly, the order books are showing a glory effect on the liquidity metric.
