According to a cryptocurrency analytics platform, two altcoins that have been overlooked are sending bullish signals as fear, uncertainty and doubt (FUD) surrounding digital assets increases.
According to the latest data from market intelligence firm Santiment, low-priced altcoins such as decentralized finance (DeFI) platform Balancer (BAL) and decentralized application builder Chromia (CHR) are expected to rally after short sellers face liquidation.
“Altcoins with very low funding ratios are a good sign to buy on the crowd FUD right now. There are three major assets that stand out as projects with a lot of short positions on Binance in the last 24 hours: Balancer, Chromia, and Celer. Short liquidations lead to bullish moves.”
At the time of writing, Balancer and Chromia are trading at $2.53 and $0.231 respectively.
Santiment says there are certain key events. – For example, there was the hack of machine intelligence marketplace BitTensor (TAO) and the Bitcoin (BTC) price dropping below $60,000. – The discussion about FUD surrounding the cryptocurrency markets has intensified.
“Fear is in the air as the merchants discuss:
– Bittensor has crashed following a security breach that resulted in $8 million worth of TAO being stolen from its wallets.
– As Bitcoin briefly fell below $60,000, investors expressed concern and expressed interest in “selling their bags” before it was too late.
While FUD is this high in the crowd, there should be an opportunity to capitalize on it.”
As of this writing, Bitcoin and Bitmain are trading at $58,226 and $224 respectively.
Finally, Santiment emphasizes that the altcoin trader wallets are “completely underwater.” Furthermore, the analytics firm notes that some altcoins are in “historically good buy zones,” including CHR, metaverse gaming protocol Highstreet (HIGH), and digital advertising blockchain Basic Attention Token (BAT).
Don’t miss out on the latest news – subscribe to receive email notifications straight to your inbox.
Price check task
Follow us XFacebook and Telegram
Surfing the Daily Hodl Mix
 
Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are your responsibility and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/VAlex/Mingirov Yuriy