- The crypto market is bullish, with growing interest in altcoins like MANA, GRT, and AAVE.
- High short ratios on Binance for these altcoins suggest potential price surges if liquidations occur.
- Market recovery and investor attention make these altcoins worth monitoring for significant gains.
The crypto market remains bullish, and several altcoins are gaining the interest of the markets’ viewers. Among them, MANA, the token of Decentraland, GRT, the token of The Graph, and AAVE have been identified as the best bets with the price expected to climb in the next couple of weeks.
The crypto analytics platform Santiment has provided an overview of these altcoins in an X post on Thursday. The platform pointed out that Decentraland, The Graph, and Aave, which are all in the top 100 market caps, have significantly high short ratios on Binance, a major cryptocurrency exchange.
These high short ratios indicate that many traders are placing their bets on these altcoins to drop in price. However, if these positions are closed out, it could result in increased prices of these positions. In other words, if these short bets fail, the subsequent liquidations could lead to a significant price volatility which will be profitable for these altcoins.
Altcoins Positioned for Growth
This is where the author of this piece comes up with this realization at the right time. The overall cryptocurrency market has been on the recovery process and there has been increased demand for different cryptocurrencies. In the future when the market will become favorable, Decentraland, The Graph, and Aave can have a significant rally.
However, crypto trader Altcoin Sherpa shared his opinion on Aave, offering a more detailed perspective on the DeFi asset. While he highlighted the strength of Aave in the current market, he expressed concern over its price levels.
Aave still seems quite robust, however, according to him, this does not make it the ideal area to invest in. Some of the issues that he raised included technical issues such as the 200-week exponential moving average. He advised to look for a pullback to the $135 level as the possible entry point or to buy at a slightly higher price.
The analysis focuses on the trend of waiting for opportunities in an otherwise bullish market. Aave has been quite range-bound for the past two years and could be on the verge of a breakout, which may require some patience from investors.
At the time of writing, Aave has been trading at $150.20, as it continues to perform well within the decentralized finance (DeFi) sphere. At the same time, the Decentraland’s MANA token is trading at $0.2721 which proves the company’s standing in the metaverse and virtual reality industry. Likewise, The Graph’s GRT token is valued at $0.1416, which still holds its ground in the field of blockchain data indexing and retrieval.
These altcoins are considered promising for growth, and many investors pay attention to the further developments. With the crypto market continuing to recover, these altcoins might be ready for significant price jumps, and are worth monitoring in the coming days.
