In the last 24 hours, the cryptocurrency market has seen over a 1% increase, led by Bitcoin (BTC), which surged past a critical support level of $58,000, sparking momentum across the altcoin market. Top altcoins like Binance Coin (BNB), Sui (SUI), and Cardano (ADA) showed signs of recovery after recent selling pressure. Meanwhile, Santiment has highlighted AAVE and other cryptocurrencies for investors to watch closely.
U.S. Economic Shifts Impact the Market
This recent crypto market surge is largely influenced by anticipated economic changes in the United States. Specifically, the yearly inflation rate has dropped, with the Consumer Price Index (CPI) falling from 2.9% last year to 2.5% this year, signaling a positive economic shift. This has laid the groundwork for the cryptocurrency market to recover, as it has long moved in parallel with stock market indices.
🧐 Altcoins to watch as cryptocurrency continues to enjoy its strong rebound include Decentraland, The Graph, and Aave. Each of these top 100 market caps are seeing significant short ratios on Binance, implying liquidations would lead to big price jumps. pic.twitter.com/6LaQ4HnyBn
— Santiment (@santimentfeed) September 12, 2024
According to an analysis by Santiment, the rise in short positions could signal a strong rebound for altcoins. Short positions could be quickly liquidated, leading to short-term price spikes for several altcoins. The growing interest in Web3 protocols suggests that some altcoins are poised for significant gains in the coming days. Here are the top altcoins to watch:
Keep an Eye on AAVE, GRT, and MANA
Advertisement Banner
Decentraland (MANA), a rising star in the Web3 space, has garnered attention for its play-to-earn model integrated with the gaming industry. MANA, with a fully diluted market cap of $594 million and an average daily trading volume of $27 million, has risen over 3% in the last 24 hours, now trading at $0.2719. Technically, the daily Relative Strength Index (RSI) shows bullish divergence, signaling a potential price reversal that could push MANA higher in the short term.
$AAVE is at the key former D1 supply it needs to flip
Ass market obviously doesn’t help, but if the market would stabilize for a bit, I think we can form a new and higher base here https://t.co/cyLlQI4GrP pic.twitter.com/URM3SU3M8I
— Phoenix (@Phoenix_Ash3s) August 29, 2024
Perfection 🔥🤝$AAVE https://t.co/mNm9OziyHM pic.twitter.com/OilfYAHS02
— Phoenix (@Phoenix_Ash3s) September 12, 2024
Another promising altcoin is The Graph (GRT), an indexing protocol that has been growing rapidly. GRT has strong recovery potential due to the rise in short positions. Forced liquidations could trigger a price surge. With a market cap of $1.5 billion and an average daily trading volume of $34 million, GRT has risen over 3% in the past 24 hours, reaching $0.14. Technical analysis shows strong support above $0.12, which could trigger a bullish run if maintained.
Lastly, Aave, a powerful player in the DeFi sector, operates across multiple blockchain networks like Ethereum, BNB Chain, Avalanche, and Fantom. With a fully diluted market cap of $2.4 billion and daily trading volume of $461 million, Aave has seen a near 2% increase in the last 24 hours, trading around $150. Aave’s expanding ecosystem and increasing usage in decentralized finance indicate strong future growth potential.
The Bit Journal will continue to monitor these developments and keep readers updated on potential short squeezes and market movements.
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
