ADA and 3 major altcoins are showing oversold signals, according to Santiment

The leading on-chain analytics platform says the recent downturn in the crypto market has pushed four altcoins into an ideal price range for investors.

According to Santiment, Cardano (ADA), Polygon (MATIC), Crypto.com Coin (CRO), and Chainlink (LINK) are all in “oversold” territory.

The platform says:

“Many assets have tumbled over the past week, including altcoins like ADA, MATIC, CRO, and LINK, which appear to be oversold.

We do this by looking at high market cap, trading volume and active addresses combined with low returns on the network.”

Source: SantimentFeed/Twitter

Santiment monitors this to determine if an asset’s price is ready to reverse.

“As mentioned above, high market capitalization, trading volume and active addresses combined with low returns on the network are good criteria for assessing an asset’s turning point.

The cryptocurrencies on this list meet the criteria for a historic bottoming.”

The four cryptocurrencies launched by Santiment all crash along with BTC after Russia officially opened fire on Ukraine.

Smart contract platform Cardano fell 17% to $0.77, while layer-2 scaling solution Polygon also fell 16% to $1.30.

Singapore-based crypto exchange Crypto.com Coin was also down 14% to $0.36 and decentralized oracle network Chainlink was down 18% to $11.9.

The analytics platform also notes that stablecoin usage is declining, which it believes could be a sign of capitulation.

“During this 3-month price drop, we see stablecoins being used less and less.

Unlike traditional cryptocurrencies, using USDT [Tether]DAI [DAI] and other species declining is a sign that the crowd has suffered too much.”

Source: SantimentFeed/Twitter

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions

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