Crypto analytics firm Santiment says that the average funding rate of Cardano (ADA) is flashing a bullish signal.
According to Santiment, a high funding rate is associated with higher risks of correction, whereas ADA currently has the opposite.
“Cardano’s price is back over $0.50, and up +25% the past ten days. Exchange funding rates are a vital metric to keep an eye on, as the extreme spikes in #shorting or #longing of ADA is typically when traders get liquidated & big price shifts occur.”
At time of writing, ADA is currently trading at $0.49.
Santiment also tells investors to keep a close eye on XRP as the seventh-largest crypto asset by market cap sees a spike in transaction volume.
“XRP is ahead of the #altcoin pack recently, and some major milestones have hit over the past week. In addition to several massive active address spikes firing off, there have been massive dormant tokens shifting addresses this week. Keep a close watch.”
The firm also says that Cronos (CRO), the native token of Crypto.com, is drawing negative sentiment lately following the announcement that the exchange’s Visa card is cutting back on its benefits offerings.
“Cronos, formerly known as #CryptoComCoin, has gone viral following the announcement that its Visa #crypto-linked credit card is eliminating its #Netflix and #Spotify benefits. #Reddit has been pondering the best way to dispose of the card ever since .”
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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 cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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