A leading analytics firm says that crypto trader sentiment surrounding Cardano (ADA) and Binance Coin (BNB) suggests that both assets could be poised for rallies.
Santiment notes that the crypto community has a bearish sentiment regarding both Ethereum (ETH) competitors, compared to a bullish crowd outlook on ETH and payments network XRP.
“With crypto market caps bouncing very much in independent directions, we’re seeing notably euphoric crowd sentiment on XRP and ETH. Traders are less interested in BTC, BNB, and ADA. Historically, bearish sentiment projects perform better on average.”
ADA is trading at $0.311 at time of writing. The eighth-ranked crypto asset by market cap is down more than 6% in the past 24 hours.
BNB is changing hands at $272.49 at time of writing. The fourth-ranked crypto asset by market cap is down over 2% in the past day.
Santiment says the altcoin price rallies that happened over the weekend went against crowd expectations, which the firm says is a common occurrence.
“As we have seen time and time again, markets move in the direction of the crowd’s unlikeliest expectation.”
Santiment also notes that crypto trading volume has hit its lowest level in over two years.
Explains the analytics firm,
“There are two ways of looking at crypto’s 2.5-year low level of trading volume:
Less resistance and sell walls, leading to whales pumping prices easily
Utility is limited with less order book activity, which could cap long-term bull run potential.”
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Source: https://dailyhodl.com/2023/01/10/bullish-signal-flashing-for-two-of-ethereums-biggest-rivals-says-crypto-insights-firm/