Santiment analysts call three altcoins showing bullish signals

A massive shorting of assets usually increases the probability of liquidation and price rises, experts noted

12.12.2022 - 10:20

338

2 min

The material is not an investment recommendation and is published for information purposes only.

What’s new? Experts at analytics firm Santiment said that since December 10, traders have been betting against several altcoins to make money on their downfall. Analysts recorded high volumes of short positions in Polkadot (DOT), Monero (XMR), and Stellar (XLM). This usually increases the likelihood of liquidation and price rises, Santiment noted. As of December 12, 09:50 UTC, DOT is trading at $5,14, XMR at $150,1, and XLM at $0,0829, according to Binance. The assets lost 2,66%, 0%, and 2,59% in 24 hours, respectively.

📊 As the weekend has kicked off, traders are betting against several #altcoins to profit on their downfalls. #Polkadot, #Monero, and #Stellar all have large #short positions on exchanges. Typically, this increases #liquidation & price rise likelihoods. https://t.co/5CWkrR1Jih pic.twitter.com/vkb8CmUQpJ — Santiment (@santimentfeed) December 10, 2022

What is known about tokens? DOT is the native token of the Polkadot ecosystem. The asset is used for transaction fees, staking, and project governance.

XMR is a decentralized open-source cryptocurrency. The peculiarity of the coin is confidentiality, and untraceable transactions on the Monero blockchain.

XLM is the native token of a decentralized peer-to-peer (P2P) payment protocol for currency exchange and transactions. Stellar uses smart contracts and multi-signatures.

On November 22, Santiment analysts also recorded a massive shorting of SOL on the crypto exchange Binance, then the asset’s rate fell by 63% in just under four days. It is currently trading at $13,22, down by 2,86% per day.

For what will cause cryptocurrencies to rise in December, read GetBlock Magazine’s article.

Author: