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Crypto analytics firm Santiment has identified promising signals for certain altcoins.
“Altcoins with extremely low funding rates are a great signal to buy into the crowd’s FUD right now,” Santiment said, citing the latest data.
See Also: Bitcoin Faces Potential Retest Of $40,000, Influential Crypto VC Warns
According to Santiment, three assets have notably stood out on Binance due to heavy shorting activity: Balancer (CRYPTO: BAL), Chromia (CRYPTO: CHR), and Celer (CRYPTO: CELR).
Santiment stated that these short positions could trigger price increases if a squeeze occurs, as short liquidations often fuel rapid upward movements.
Meanwhile, pseudonymous cryptocurrency analyst DonAlt has provided insights into Bitcoin‘s (CRYPTO: BTC) potential price trajectory saying, “The invalidation is above $63,000, $64,000. Like the moment we start closing above [$63,861], I think it’s just going to go back to $80,000… Like at first, all-time high and then $80,000, $90,000, $100,000.”
Also Read: German MP Argues For Retaining Bitcoin Holdings Rather Than Liquidate
However, DonAlt also cautioned about possible downside risks, noting, “If this [$56,500] support fails, first [it is to] $52,000.” He further outlined a bearish scenario where a break below key support levels could lead to a “full capitulation” towards $40,000.
This combination of altcoin bullish signals and Bitcoin’s precarious position has created a complex market environment, where investors are closely watching both large-cap and small-cap cryptocurrencies for potential opportunities.
In light of these dynamic market conditions, the upcoming Benzinga Future of Digital Assets event on Nov. 19 gains additional significance.
This conference promises to bring together industry leaders, investors, and analysts to discuss the latest trends and forecasts in the cryptocurrency space.
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Image: Midjourney
