On-Chain Activity Suggests Short-Term Rebound Opportunities for Ethereum and Two Altcoins: Santiment Analysis
Based on on-chain activity, crypto analytics firm Santiment indicates that Ethereum (ETH) and two other altcoins may be poised for short-term price surges.
Santiment observes that Ethereum (ETH), Shiba Inu (SHIB), and SushiSwap (SUSHI) traders exhibited 'mild signs of panic' on Thursday. The analytics firm further highlights that all three networks experienced some of the highest levels of trader loss-taking compared to profit in 2023. Santiment underscores that these loss-taking indicators are substantial capitulation signals, often indicative of potential short-term rebound opportunities.
At the time of writing, Ethereum (ETH) is trading at $1,648, experiencing a nearly 2% increase over the past 24 hours.
Shiba Inu (SHIB), often seen as a rival to Dogecoin (DOGE), is currently trading at $0.000007. This asset, ranked 19th by market capitalization, has seen a 0.67% rise in the last 24 hours.
SushiSwap is a decentralized exchange (DEX) operating across multiple blockchains. The native token of the project, SUSHI, is trading at approximately $0.578 at the time of writing, showing a more than 3% increase over the past 24 hours.
Santiment also highlights the bullish sentiment among traders for Ethereum competitor Avalanche (AVAX), primarily driven by the excitement surrounding the recently launched Friend.tech challenger, Stars Arena. This decentralized social finance application (SocialFi) on the AVAX blockchain has triggered increased activity in new AVAX addresses, as noted by the analytics firm.
At the time of writing, Avalanche (AVAX) is trading at $10.66, marking a nearly 5% increase in value over the past 24 hours. AVAX holds the 21st position in terms of market capitalization among cryptocurrencies.
Oct 08, 2023
