According to crypto analytics firm Santiment, on-chain activity suggests that Ethereum (ETH) and two altcoins, Shiba Inu (SHIB) and SushiSwap (SUSHI), could be poised for short-term price rallies. Santiment observed mild signs of panic among traders of these assets on Thursday.
Santiment’s analysis reveals that all three networks displayed some of the highest levels of trader loss-taking compared to profit in 2023. This indicates a strong capitulation signal and typically signifies a short-term rebound opportunity.
At the time of writing, ETH is trading at $1,648, showing an increase of almost 2% in the past 24 hours. SHIB, a rival to Dogecoin (DOGE), is trading at $0.000007 and has experienced a 0.67% increase in the past 24 hours. SushiSwap, a multi-chain decentralized exchange (DEX), has seen its native asset SUSHI trading around $0.578 and surging more than 3% in the past 24 hours.
The analytics firm also highlights the bullish sentiment towards Ethereum rival Avalanche (AVAX) due to the buzz generated by the recently launched Friend.tech challenger Stars Arena. The Stars Arena is a decentralized social finance application (SocialFi) built on the AVAX blockchain. The launch of Stars Arena led to a surge in new AVAX address activity, injecting further excitement into the AVAX ecosystem.
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AVAX is currently trading at $10.66, with a 5% increase in the past 24 hours. Ranked 21st in terms of market cap, AVAX continues to gain momentum in the market.
In conclusion, Santiment’s analysis suggests that Ethereum, Shiba Inu, and SushiSwap could experience short-term price rallies based on the observed panic among traders. Additionally, the buzz surrounding Avalanche and the recent launch of Stars Arena on its blockchain indicates a bullish sentiment towards AVAX. However, it’s important for investors to conduct their own due diligence and consider the risks associated with high-risk investments in cryptocurrencies.
Disclaimer: The opinions expressed in this article are not investment advice. Investors should perform their own research before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Transfers and trades are done at the investor’s own risk, and any losses incurred are their responsibility. This article does not recommend buying or selling any cryptocurrencies or digital assets and does not serve as investment advice. The Daily Hodl, the publisher of this article, participates in affiliate marketing.
