Tomiwabold Olajide
The majority of crypto assets are currently facing a lot of negativity from the trading community
According to the onchain analytics firm, Santiment, Bitcoin, Binance Coin, Chainlink, and Dogecoin could be potential candidates for a breakout as they face the most negative sentiment. With bearish market conditions prevailing since 2022, the majority of crypto assets are currently being severely negatively impacted by the trading community.
π The majority of #cryptoassets are currently receiving a strong negative reception from the trading community. But keep an eye on $BTC, $BNB, $DOGE and $LINK. These top caps have particularly high #FUD values ββthat can eventually lead to breakouts. https://t.co/cSUnSfn88e pic.twitter.com/MyoOavHllw
β Santiment (@santimentfeed) September 23, 2022
Given Santiment’s current stance on these cryptocurrencies, let’s take a look at some underlying fundamentals.
Dogecoins (DOGE)
The largest meme cryptocurrency and second largest proof of work, Dogecoin is seeing a significant increase in whale count and accumulation. According to crypto analyst Ali, βThe number of addresses with 100 million to 1 billion DOGE is up 5.13% over the past week. Approximately six new whales have joined the network and have raised approximately 620 million DOGE.β
According to WhaleStats data, Dogecoin has been in the top 10 by trading volume among the 100 largest BSC whales over the past 24 hours.
To sue
At the time of writing, Dogecoin (DOGE) is trading at $0.065, up 8.87% over the past 24 hours, according to CoinMarketCap data.
Bitcoin (BTC)
Root, a data-focused Twitter handle from Glassnode, shared an analysis that may suggest Bitcoin may bottom in the bear market soon.
The cost base for short and long term owners has just been exceeded. Previous bear market bottoms have occurred within days of the cross. Different this time? #Bitcoin pic.twitter.com/5IDc1iLWRI
β Root π₯ (@therationalroot) September 24, 2022
Bitcoin’s price action this week pivoted heavily around the FOMC meeting as investor sentiment tilted toward the Fed’s decision, overshadowing fundamental crypto developments. Bitcoin then fell back below $20,000. Bitcoin may not be out of the woods just yet, however, as both monetary policy and regulatory fronts are providing headwinds for the crypto.
Another downside to BTC price would likely drag other crypto assets down. At the time of publication, Bitcoin was changing hands at $19,128 β up 2.55% over the past 24 hours.
chain link (LINK)
According to Santiment analysis, Chainlink is also seeing increasing accumulation of whales as addresses with 10,000 to 1 million LINK have increased their supply by over 3% of available coins in just 4 months.
This represents the highest percentage of LINK held by these addresses in more than three years. At the time of publication, LINK was changing hands at $7.66, up 8.67% over the past 24 hours.
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