Market

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

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

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

56 minutes ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

1 hour ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

2 hours ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

3 hours ago

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

3 hours ago

Clanker Token Trading Volume Hits $59.8 Million High On November 21

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

3 hours ago

This website uses cookies.