On-chain activity suggests Ethereum (ETH) and two altcoins could be primed for short-term price rallies, according to the crypto analytics firm Santiment.
Santiment notes that ETH, Shiba Inu (SHIB) and SushiSwap (SUSHI) traders displayed “mild signs of panic” on Thursday.
[adinserter block="1"]All three networks displayed some of the highest levels of trader loss-taking (versus profit) in 2023, according to the analytics firm. Santiment notes the loss-taking indicators are big capitulation signals and are “typically signs of a short-term rebound opportunity.”
ETH is trading at $1,648 at time of writing. The second-ranked crypto asset is up nearly 2% in the past 24 hours.
SHIB, a Dogecoin (DOGE) rival, is trading at $0.000007 at time of writing. The 19th-ranked asset by market cap is up 0.67% in the past 24 hours.
Sushiswap is a multi-chain decentralized exchange (DEX). The project’s native asset, SUSHI, is trading around $0.578 at time of writing and is up more than 3% in the past 24 hours.
Santiment also notes that traders are bullish on Ethereum rival Avalanche (AVAX) due to the buzz around the recently launched Friend.tech challenger Stars Arena, a decentralized social finance application (SocialFi) on the AVAX blockchain. The analytics firm notes the Stars Arena launch led to an “injection” of new AVAX address activity.
AVAX is trading at $10.66 at time of writing. The 21st-ranked crypto asset by market cap is up nearly 5% in the past 24 hours.
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