While the rise in Bitcoin (BTC) and altcoins continues, XRP increased by 14.2% in the last 24 hours; With its 42.6% rise in the last 7 days, it ranks second among altcoins after Worldcoin (WLD).
Analyzing Cardano (ADA) based on the rally in XRP, Santiment stated that countertrading for ADA could be profitable.
Pointing out that Cardano, as a close rival of XRP, has not been able to achieve a similar recovery, Santiment hinted that ADA may be ready for a new rally in the coming period.
Stating that Cardano has shown the most downward trend and seen high lows in more than a year, Santiment argued that investor sentiment for ADA is low.
While Cardano has the highest bearish sensitivity in the last year, Santiment, comparing ADA with XRP, said that the investor sentiment in Cardano, which has seen its lowest level in more than a year, is in the opposite direction of the bullish expectation in XRP.
At this point, Santiment suggests that reversal trading against the prevailing market sentiment could present profitable opportunities for investors.
Cardano, which has increased by 3.8% in the last 24 hours, continues to be traded at $ 0.448 at the time of writing.
🥳😱 Trader sentiment is following the price action. With XRP making an emergence this week, bullish narratives have erupted. On the other end of the spectrum, Cardano is seeing the most bearishness in over a year. Counter-trading the crowd's consensus could prove profitable. pic.twitter.com/yin7ZeRYqC
— Santiment (@santimentfeed) July 17, 2024
*This is not investment advice.
