Cryptocurrency analysis company Santiment shared in its statement that some altcoins have extra short position exposure.
Analysts said that attention should be paid to altcoins that are shorted by other cryptocurrency traders. According to Santiment's statement, funding rates on major cryptocurrency exchanges are in the negative zone at high levels, and this especially affects the altcoins Chiliz (CHZ), Fantom (FTM) and Cardano (ADA). According to analysts, a liquidation that may occur in short positions may cause a pump to be watched.
On the other hand, touching on the detection of a follower, Santiment analysts explained that in addition to the three altcoins in question, there is a similar picture for UniSwap (UNI).
According to Santiment, Chiliz, Fantom, and Cardano have been continuously “short”d by traders for the past five weeks. According to analysts, when these positions are liquidated, they can act as “rocket fuel” for prices.
On the other hand, the cryptocurrency market experienced a sudden decline during the day today, and the major decline in the US stock markets is held responsible for the decline.
*This is not investment advice.