Santiment analysts, in a recent post, highlighted two altcoins that have a significant market value. They provided insights into these cryptocurrencies.
Analysts from Santiment note that Bitcoin Cash (BCH) and Axie Infinity (AXS) have attracted attention due to a unique situation. Unlike the general sentiment in the cryptocurrency market, where confidence in a rise is prevalent, these two altcoins, BCH and AXS, stand out. Here, short positions significantly outweigh long positions over the weekend, creating a distinctive scenario in the market.
Altcoin Short Squeeze Potential: Focus on BCH and AXS
Analysts are pointing to Bitcoin Cash (BCH) and Axie Infinity (AXS) as potential candidates for a short squeeze due to the notable imbalance between short and long positions. Santiment’s analysis reveals that while the broader crypto market anticipates a general rise, these two altcoins deviate from the optimistic sentiment.
The analysts suggest that the significant number of short positions in BCH and AXS might lead to short liquidations if these altcoins show any upward movement. This, in turn, could act as “rocket fuel” for their prices, potentially resulting in an uptick in their market value.
In contrast, previous Santiment analyses highlighted a positive outlook for cryptocurrencies with substantial market value, such as Bitcoin, Ethereum, XRP, and Cardano. Despite this positive perspective, the market, particularly in the case of Cardano, seemed to overlook these encouraging signals.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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