These Two Low-Cap Altcoins Possess ‘Increased Chance of a Breakout,’ According to Analytics Platform Santiment
dailyhodl.com 12 July 2024 12:06, UTC New data from market intelligence platform Santiment reveals that two under-the-radar altcoins are primed to skyrocket.
According to the crypto analytics firm, domain-naming crypto Ethereum Name Service (ENS) and decentralized non-fungible token (NFT) ecosystem Treasure (MAGIC) have seen explosive network growth over the last 24 hours, highly increasing their chances of a breakout.
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“Altcoins like Ethereum Name Service and Treasure have erupted in network growth over the past 24 hours, surpassing major milestones. Historically, when projects see these spikes while at a flat price performance, there is an increased chance of a breakout.”
ENS and MAGIC are trading for $26.03 and $0.481 at time of writing, respectively.
Moving on to popular meme asset Shiba Inu (SHIB), Santiment says that the dog-themed token decoupled from the rest of the crypto markets over the weekend as non-exchange crypto whales continued to gobble it up.
“Shiba Inu had a mini decoupling from other altcoins over the weekend and is up a modest +5% in the past 48 hours. Holders will be pleased with the fact that non-exchange whales continue accumulating, while exchange whale bags are shrinking.”
SHIB Is trading for $0.000016 at time of writing.
Concluding its analysis with decentralized oracle provider Chainlink (LINK), Santiment says the altcoin has an increased chance of finding a local bottom as fear, uncertainty, and doubt (FUD) surrounding the digital asset rises after it saw millions of dollars in liquidations.
“Chainlink’s weak hands have just shown signs of giving up hope and released significant levels of coins. The 60 million in LINK realized losses yesterday is indicative of significant trader FUD, and increases the likelihood of a local bottom.”
LINK is trading for $12.81 at time of writing, a marginal decrease during the last 24 hours.
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