The cryptosphere is yet to embark on a voyage to the moon. As digital assets from the market have been lacking the zeal to hop onto the bulls. The industry is in dire need of bullish catalysts that could honk the bears from being the barriers. In the interim, several altcoins have been witnessing a spike in leveraged short positions, liquidations of which could ignite the bulls.
In succession to this, traders are up with their radars on capable alts for quicker and healthier returns. While the quest for high-yielding assets is never-ending, the hunt for an appropriate one in an ocean of coins becomes arduous. As the industry has spread its wings to diverse sectors.
Are These The Altcoins For An Alt Season?
According to substantial sources, there is a notable spike in leveraged short positions across different crypto assets presently. The firm mentions that the average exchange funding rates are negative for altcoins such as ANKR, XEM, SIA, XMR, AXS, DGB, and BNB. The short positions if liquidated can lead to major price spikes.
Successively, we can look out for major rebounds of the said altcoins, once the short positions are liquidated. Digital assets such as XMR, AXS, and BNB hold stout fundamentals and are capable ones to bag for not one but many reasons.
Monero (XMR):
The protocol is known for the host of perks on offer that includes the fungibility of the tokens, default privacy, level of decentralization, stealth, and sub addresses. Other perks include untraceability, lower fees, atomic swaps, faster transactions, amongst other factors such as the ability to mine with decent hardware, and scalability.
Monero was recently listed on a cryptocurrency exchange firm “Crypton Exchange”. The digital asset was the first third-party coin added to the exchange, backed by the Utopia P2P ecosystem. Other notable mentions include the whale accumulations, according to sources whales have been accumulating in the price range between 0.00480300 to 0.00482400 (Binance).
Axie Infinity (AXS):
Axie Infinity has been one of the top-tier assets from the world of the metaverse and has engraved its prominence in the P2E space. Axie Infinity has ranked among the top-10 NFT projects with higher Twitter mentions in recent times. The social volumes and engagements of the platform have been escalating higher. Which in turn fuels the unity of the community.
Successively, the social signals of the project have outpaced other blockchain-based games in the industry. In the future which is expected to be in the arms of NFTs, metaverse, and gaming. Axie Infinity emerges as an ideal pick, with its exposure to all three genres. Since the AXS is available at a discounted price, it becomes a no-bargain deal.
Binance Coin (BNB):
The asset is a known one to the masses in the crypto fraternity and is the one not to miss out on. The makers of the protocol had earlier announced the auto-burn mechanism that would replace the existing quarterly burn mechanism. The team had been cited to have burnt over 1.6 M BNB tokens, as per the auto-burn mechanism.
The Auto-Burn mechanism will further empower the community by providing better transparency, predictability, and autonomy. In addition, a recent announcement affirms that Binance will support Certik network upgrade. Which is an important one to look out for. The token being available for a sale price makes it a safer bet for higher returns in near future.
In conclusion, the aforementioned altcoins, as said, hold strong fundamentals and prominence in the business. Considering the leveraged short positions, these makeup to be the potential ones to bag in the dip. A rebound from current levels would yield praise-worthy returns following liquidations.
Source: https://coinpedia.org/altcoin/xmr-axs-bnb-primed-for-a-v-shaped-rebound/