There is a spring mood in the cryptocurrency market these days. However, it is unclear whether this is permanent or temporary. According to the crypto analytics platform Santiment, which evaluates the latest situation in the market, some altcoins are giving bullish and some bearish signals.
Altcoins with bull and bear signals
Providing analytical data for the cryptocurrency markets, Santiment has prepared a report on the current status of Ethereum (ETH), Lido DAO Token (LDO), Marker (MKR), and SushiSwap (SUSHI). According to the firm, it is normal for an investor to choose to invest his money in various assets. Also, some of these signals very optimistic, while others are more likely to be negative. For example, some patterns are currently emerging in the Lido DAO liquid staking protocol. According to the data, the token is in the process of peaking and in the final stage of divergence. However, the difference is observed in network activity and network growth.
Active addresses and network growth are slowing, although LIDO’s prices continue to be at their peak. According to Santiment, this is usually a sign that indicates an imminent bearish trend. Also, Santiment says, “Building a peak can take time. You never know the timing of the top building. Nobody knows,” he says.
On the bull side, MVRV is below the dangerous ‘overbought’ level for some assets following Santiment’s analysis. Ethereum is currently trading at around $1,334. This is significantly below the 7.25% MVRV level traditionally associated with ‘overbought’.
On the other hand, Maker DAO (MKR) is currently hovering below the ‘overbought’ threshold. This suggests that the current market sentiment may turn bullish.
According to experts, ultimately, it doesn’t make sense to make buy and sell decisions based solely on the MVRV ratio. Instead, the investment decision should be based on well-researched data. The MVRV rate for SushiSwap (SUSHI) is currently at 10.20 and is significantly below the overbought threshold.
This indicates that current market sentiment is bullish and investors are confident in SUSHI’s potential.
Santiment detects whale activity spike in two altcoins
Dozens of new Cardano (ADA) whales and ‘shark’ addresses appear during Cardano’s price hike in the first days of 2023, according to Santiment. Santiment says 28 new addresses have been created since the beginning of the year, holding at least one million ADA. The analytics firm also states that the Ethereum competitor’s trading volume has reached a two-month high.
cryptocoin.com As we reported, crypto analyst Michaël van de Poppe said that ADA needs to break above $0.30 to break the bear trend. ADA was trading around $0.3165 at the time of writing. Compared to its current price, it has increased by more than 30% since December 31. However, ADA’s recent price increase pales in comparison to the price of the metaverse coin Gala (GALA). Because GALA has seen an increase of more than 155% since December 31st.
The Ethereum-based project took off after its team announced that they had begun film development with American actors Dwayne “The Rock” Johnson and Mark Wahlberg. Santiment notes that GALA saw its highest increase in two months in whale trades, which exceeded $100,000 amid the price boom. GALA ranks 101st among altcoins by market cap. The altcoin was trading at around $0.03788 at the time of writing.
GALA is about 95.5% below its ATH level of $0.82, which it reached in November 2021.
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