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Cardano Among Alts Likely To See Price Boosts, Santiment Says
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Cardano Among Alts Likely To See Price Boosts, Santiment Says

Keshav Verma
Keshav Verma
10 months ago
2 mins read
Cardano

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On-chain analytics firm Santiment has revealed Cardano (ADA) is one of the altcoins that could likely see price jumps shortly.

Cardano Among Altcoins That Are Being Heavily Shorted Right Now

In a new post on X, Santiment has talked about the altcoins being shorted against on the derivatives market. The indicator of relevance here is the “Funding Rate,” which keeps track of the periodic fee that derivatives traders have to exchange with each other.

When the value of this metric is positive, it means the long contract holders are currently paying a premium to the short investors to hold onto their positions. Therefore, this kind of trend implies the presence of a bullish majority sentiment in the market.

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On the other hand, the negative indicator suggests the short holders outweigh the long ones right now, and as such, a bearish mentality is the dominant one in the sector.

In the current topic, Santiment has referred to the Funding Rate specifically for the cryptocurrency exchange Binance, which is the largest platform by trading volume and should, thus, represent the trend on other large exchanges.

Here is the chart shared by the analytics firm that shows the trend in this indicator for three altcoins over the past few months:

Cardano Funding Rate
The value of the metric appears to have been negative for all three of these coins recently | Source: Santiment on X

As is visible in the above graph, all three of Cardano, Chiliz (CHZ), and Fantom (FTM) have seen their Binance Funding Rate stay inside the negative territory for the past five weeks, implying that investors have continuously been betting against a bullish outcome for them.

Historically, such aggressive shorting against any asset has positively affected its price. This is because a liquidation squeeze is more likely to affect the dominant side of the market right now.

A “liquidation squeeze” is an event where a sharp move in the price liquidates a large amount of contracts at once. These liquidations feed back into the move that caused them, thus amplifying it and kicking off a cascade of further liquidations.

The chart shows that these three altcoins had also seen a similar level of shorting earlier in the year. What followed this bearish sentiment was a surge in their prices. Cardano saw a 10% surge, Chiliz 32%, and Fantom 49%.

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Thus, going by this trend, it’s possible that short liquidations could once again happen for these altcoins and lead to a rally in their prices.

ADA Price

Cardano had broken past the $0.45 mark earlier, but the asset appears to have plunged since then, as its price is now trading around $0.39.

Cardano Price Chart
Looks like the price of the coin has gone down over the last couple of days | Source: ADAUSD on TradingView
Featured image from Shutterstock.com, Santiment.net, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Reason to trust

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