Crypto

Bullish Signal Flashing for Two of Ethereum’s Biggest Rivals, Says Crypto Insights Company CryptoGlobe

A leading analytics firm claims that crypto traders’ sentiment around Cardano (ADA) and Binance Coin (BNB) suggests that both assets could be on the verge of a rebound.

Santiment notes that the crypto community has a bearish sentiment regarding both Ethereum (ETH) competitors, versus a bullish crowd outlook on ETH and the payment network XRP.

“With crypto market caps bouncing a lot in unrelated directions, we are seeing particularly euphoric crowd sentiment on XRP and ETH. Traders are less interested in BTC, BNB and ADA. Historically, bearish sentiment projects work best on average.

Source: Song/Twitter

ADA is trading at $0.311 at the time of writing. The eighth crypto asset by market capitalization is down more than 6% in the past 24 hours.

BNB is changing hands at $272.49 at the time of writing. The fourth-largest crypto asset by market capitalization is down more than 2% in the past day.

Santiment says the altcoin price spikes that occurred over the weekend went against crowd expectations, which the company says is a common occurrence.

“As we’ve seen time and time again, markets are moving in the direction of the crowd’s most unlikely expectations.”

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Source: Song/Twitter

Santiment also notes that crypto trading volume has hit its lowest level in more than two years.

Explain the analysis company,

“There are two ways to look at crypto’s low 2.5-year trading volume:

Less wall resistance and sell-off, making it easy for whales to pump prices

The utility is limited with less activity in the order book, which could limit the long-term upside potential.

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Source: Santiment/Twitter

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