Cardano, Monero, and a few other cryptocurrencies, according to Santiment data, are showing indicators of a likely price surge. For the second day in a row, the cryptocurrency market has fallen. Bitcoin, like the majority of altcoins, is currently down 1.74 percent at USD 41,313.
According to CoinMarketCap data, tokens including Cardano, Uniswap, and Chainlink have lost between 8 and 11 percent in the last 24 hours.
Santiment, an on-chain analytics firm, recently reported a significant increase in leveraged short positions for several crypto assets. It claims that overleveraged shorts and negative funding rates are becoming visible in altcoins, and that shorts liquidations could lead to a price increase.
This is feasible if BTC begins to drive markets upward, and altcoins that suffer big short liquidations tend to use such liquidations as propellant, according to the report.
On Jan. 18, ADA hit a high of USD 1.64, indicating that the Cardano blockchain is gaining traction. The ADA price was rejected and then fell as a result of the current market sell-off.
Santiment reported continuous development all over the Cardano blockchain as well as a rise in daily active addresses, therefore ADA fundamentals remain solid (DAA).
Hmm, will you invest in the abovementioned coins after reading this? Comment below.
