Recent on-chain data reveals that Ethereum (ETH) and a pair of altcoins could be gearing up for short-term price jumps, as indicated by the prominent crypto analytics organization, Santiment.
Diving deeper into the data, Santiment pointed out that traders of Ethereum (ETH), Shiba Inu (SHIB), and SushiSwap (SUSHI) displayed discernible “mild signs of panic” this past Thursday. Interestingly, this year, all three digital currencies registered amongst the most pronounced instances of traders realizing losses, as opposed to profits. According to the seasoned analytics firm, these notable spikes in loss-taking behaviors serve as substantial capitulation markers. Historically, such indicators have been “hallmarks of imminent short-term rebound opportunities.”
📉 #Ethereum, #ShibaInu, and #Sushiswap traders showed some mild signs of panic yesterday, and their networks showed some of the highest levels of trader loss taking (vs. profit) all year long. These are typically signs of a short-term rebound opportunity. https://t.co/lz6NsiH62o pic.twitter.com/HWzWvM5RHz
— Santiment (@santimentfeed) October 6, 2023
At the time of reporting:
- Ethereum (ETH), the crypto world’s second-largest asset by market capitalization, is currently priced at $1,648. It has seen a positive movement of nearly 2% in the last day.
- Shiba Inu (SHIB), often dubbed as a fierce competitor to Dogecoin (DOGE), stands at a trading price of $0.000007. The cryptocurrency, ranking 19th in terms of market cap, has witnessed a 0.67% uptick in the past 24 hours.
- SushiSwap, renowned as a multi-chain decentralized exchange platform, boasts its native token, SUSHI, which is presently circulating at approximately $0.578. The digital coin has surged by over 3% within the last day.
Additionally, the report highlighted that there’s a growing bullish sentiment around Ethereum’s counterpart, Avalanche (AVAX). This sentiment is primarily fueled by the fervor associated with the recent introduction of Friend.tech’s Stars Arena. Stars Arena is a pioneering decentralized social finance platform (often termed SocialFi) built on the robust AVAX blockchain. Santiment underscored that the launch of Stars Arena catalyzed a significant “influx” in fresh AVAX address formations.
✨ Traders have become #bullish on #Avalanche following the injection of new $AVAX address activity thanks to #StarsArena and the ability to buy shares and tip helpful posts. Keep an eye on this, and its benefits toward $BTC, $ETH, $XRP, and $ADA as well. https://t.co/EH1yCAQMsO pic.twitter.com/rBulGcWb5N
— Santiment (@santimentfeed) October 5, 2023
To conclude, Avalanche (AVAX) is priced at $10.66 as of now. Securing its position as the 21st most significant crypto asset in market capitalization, AVAX has soared by almost 5% in the preceding 24 hours.
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