As another day dawns upon the cryptocurrency industry, new battle lines need to be drawn. Bitcoin continues to show bullish momentum but meets some resistance. Placing a short for certain other currencies may prove worthwhile under these conditions.
Long BTC, ETH, XMR, and EOS
Based on the statistics by Datamish, speculative sentiment remains in favor of Bitcoin, Ethereum, Monero, and EOS. Although these first two are not a surprise, things are getting a bit more interesting with Monero. Some traders expect the Bittrex delisting to make a bearish impact, even though that exchange is mostly irrelevant for privacy coins.
In the past 24 hours, this translates to more traders opening a long position for XMR. More specifically, Traders primarily short Monero, but there are 4.6% more longs to note as well. As the price remains stable near the $145 mark, it will be interesting to see what happens next. Going short against Monero may prove to be a wrong decision.
For EOS, things seem to be heating up as well. This market still has many short positions but notes a decrease of over 47% in the past 24 hours. At the same time, there are 4.2% fewer long positions. This may hint at some sideways market momentum for the foreseeable future. As the price is buckling a bit, it remains unclear what will happen next.
Short LTC, ADA, ZEC, IOTA, and XRP
Following a recent bullish surge, it is not abnormal to see people attempt to short Litecoin. The silver to Bitcoin’s gold has had a fair price run but seems to run out of steam. Over 10% of the longs have been closed in the past 24 hours. Perhaps this is a sign of things to come?
Cardano has not received too much attention in recent weeks. Its overall performance has not been terrible, but nothing too spectacular either. As traders massively close their long positions – down by 17% – more and more shorts are being opened. The ratio of longs-vs-shorts is currently 2-to-1, which isn’t too ideal for those expecting to see more ADA gains.
ZCash is another intriguing creature in the cryptocurrency world. Its price performance is never too exciting, and traders are currently not intent on keeping their long positions open. With over 18% of the longs being closed – and a 1.8% decrease in short positions – the ZEC price can head in any direction.
IOTA took a lot of cryptocurrency traders by surprise during its inception. It achieved a multi-billion dollar market cap reasonably quickly. However, IOTA has fallen from grace ever since. Although traders maintain their long positions, there are also 33.5% more short positions against IOTA all of a sudden. For a currency still down by 93.7% from its all-time high, that is not a good sign.
Finally, there is XRP, the native Ripple asset. Based on recent news, this currency should be trading much lower than it currently does. However, there is still plenty of bullish sentiment toward XRP. Simultaneously, a 46.1% increase in short positions indicates this may not be the case for much longer.
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