A leading crypto analytics firm says three altcoins could be on the verge of short-term price bounces, starting with Binance Coin (BNB).
BNB is in its fifth consecutive week of having a higher volume of transactions at a loss compared to transactions in profit.
[adinserter block="1"]That metric indicates BNB has a higher likelihood of a short-term price surge, according to the analytics firm.
“With a rather impressive price bounce compared to other assets, it’s actually quite surprising to see how little profit taking is going on. This is another case where this metric indicates there could be more room for a further rise.”
BNB is trading for $326.41 at time of writing.
Maker (MKR), a governance token that supports the Ethereum (ETH)-based stablecoin DAI, also hasn’t seen much evidence of profit-taking despite “decoupling” from the rest of the crypto market and displaying less bearish price action in the past two weeks.
“This is a good sign, and we’re continuing to see most network action occurring when transactions are occurring at a lower price than the address’s entry.”
Maker is trading for $1,263.00 at time of writing.
The governance token of decentralized derivatives exchange Serum (SRM) could also be primed for a bounce, according to Santiment.
“Serum’s ratio in profit vs. loss is only mildly showing capitulation right now, but this is now the 5th week in a row where traders are dropping out of the asset while at a loss. This is a good sign for patient investors who can take advantage of the weak hands bailing on their negative investments.”
Serum is trading for $1.13 at time of writing.
On the flip side, Santiment says OKB Token (OKB), as well as Ethereum-based Axie Infinity (AXS) and Chiliz (CHZ), are all showing signs of retracing.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/MR.Somchat Parkaythong/Nikelser Kate/Natalia Siiatovskaia
