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Home»ALTCOIN NEWS»According to analytics platform Santiment, these two low-priced altcoins have ‘increased breakout potential.’
ALTCOIN NEWS

According to analytics platform Santiment, these two low-priced altcoins have ‘increased breakout potential.’

By Crypto FlexsJuly 12, 20242 Mins Read
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According to analytics platform Santiment, these two low-priced altcoins have ‘increased breakout potential.’
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Two under-the-radar altcoins are set to surge, according to new data from market intelligence platform Santiment.

According to a cryptocurrency analytics firm, domain naming cryptocurrency Ethereum Name Service (ENS) and decentralized non-fungible token (NFT) ecosystem Trezor (MAGIC) have seen explosive network growth over the past 24 hours, significantly increasing the likelihood of a breakout.

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“Altcoins like Ethereum Name Service and Treasure have seen explosive growth in their networks over the past 24 hours, surpassing major milestones. Historically, when a project sees such a surge in price performance, there is a greater chance of a breakout.”

Source: Santiment/X

At the time of writing, ENS and MAGIC are trading at $26.03 and $0.481 respectively.

Regarding the popular meme asset Shiba Inu (SHIB), Santiment said the dog-themed token has been isolated from the rest of the crypto market over the weekend as off-exchange crypto whales continue to gobble it up.

“Shiba Inu had a mini-decoupling from other altcoins over the weekend and is up +5% in the last 48 hours. Holders will be happy to know that non-exchange whales continue to accumulate while exchange whales are decreasing.”

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Source: Santiment/X

As of this writing, SHIB is trading at $0.000016.

Santiment, which completed its analysis in partnership with decentralized oracle provider Chainlink (LINK), said the altcoin is more likely to find a local bottom as fear, uncertainty and doubt (FUD) surrounding the digital asset increases following the multi-million dollar sell-off.

“Chainlink’s weak hand has shown signs of giving up hope and releasing significant amounts of coins. The $60 million loss realized on LINK yesterday indicates significant trader FUD, and increases the likelihood of a local bottom.”

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Source: Santiment/X

At the time of writing, LINK is trading at $12.81, which is down slightly over the last 24 hours.

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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.

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