While Bitcoin and altcoins are undergoing a significant correction following the ETF approval, on-chain analysis firm Santiment continues to attract attention with its analysis.
At this point, Santiment, who recently shared his analysis of Bitcoin Cash (BCH) and Loopring (LRC), argued that these two altcoins could rise.
Santiment pointed out that many short positions were opened on Binance for BCH and LRC after the sharp declines in the market, and stated that this could be a bullish signal.
“Bitcoin Cash (BCH) and Loopring (LRC) are among the most shorted assets on Binance after the crypto market dropped heavily this week.
While BCH and LRC are already showing signs of rise, liquidating opened short positions can serve as fuel for future rises.”
📊 #BitcoinCash and #Loopring are among the assets that are being shorted on #Binance after the #crypto markets dropped heavily this week. They are already showing signs of bounces, and short #liquidations would only act as rocket fuel if markets recover. https://t.co/zXnFzq9ll1 pic.twitter.com/6qYIzxpt1z
— Santiment (@santimentfeed) January 24, 2024
*This is not investment advice.
