In his latest analysis, Santiment stated that he expects sharp declines in the altcoin market due to increased short positions. Analysts, who also look at social volume data, are waiting for 2 coin rallies in the top 10.
Santiment, these 2 coins are also waiting for the rally
According to crypto analysis firm Santiment, both Bitcoin and XRP are showing bullish signals despite the market slump. Santiment notes that the social dominance metric of the largest cryptocurrency Bitcoin has increased. According to Santiment, conversation rates on social media have historically been a reliable signal to look for the bottom. Santiment analysts, looking at social volume data;
Bitcoin’s price has reached a three-month low. Negative reviews hit monthly highs, according to our sentiment data. Short positions on exchanges at least stopped the bleeding. BTC social dominance has also increased, which is historically a good bottom signal.
Speaking of XRP, Santiment says the token’s 50% rally is a result of his optimism that the Ripple Labs and SEC lawsuit will end:
XRP has risen 50% since last week, while Bitcoin (-5%), Ethereum (-16%) and most cryptocurrencies fell. The ongoing battles between Ripple and the SEC over increased regulation have mainly led to increased investor optimism and high whale action.
Short positions are dragging this altcoin project downward
Santiment then discusses what happened at the PoW Blockchain Ethereum Classic. According to the crypto analytics company, the ETC price will drop further as the short interest rises. Among the top 150 cryptos, Santiment reports that Ethereum Classic has the highest short exposure on exchanges, as opposed to Ren (REN), which has the highest long-term interest rate:
Bets against the price of Ethereum Classic have increased significantly, especially after last week’s ETH merger. At the opposite end there are many longs in the direction of the Rhine. However, funding rates for perpetual contracts on exchanges generally indicate that investors expect further declines.
cryptocoin.comAs you followed, PoW Blockchains like ETC completed their rally ahead of the ETH merger. Notably, ETC price has seen 24-hour highs exceeding 50% at one point. However, the data provided by Santiment shows that traders are now looking for short positions on the ETC chart. According to the chart, ETC is currently the most shorted cryptocurrency on exchanges. On the contrary, the REN token appears as an altcoin that traders take long positions.
The REN is currently trading at $0.1084. ETC, on the other hand, is trading at $27.54, down 2% in the last 24 hours.
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