Judging by the current cryptocurrency market momentum, altcoins will make some price changes in the coming days and weeks. Analyzing the recent shorts and longs for specific markets can provide intriguing insights. Surprisingly, some of the popular currencies face great bearish expectations.
Shorting Altcoins: ZIL, DOGE, and LRC
The statistics below confirm that many traders expect the market momentum to sour for Zilliqa, Dogecoin, and Loopring. In some cases, that may seem warranted, although these statistics are not an official market indicator. After noting monster gains, a correction will occur sooner or later.
In Zilliqa’s case, the seven-day momentum is not too appealing. It is one of the few currencies in the top 50 to lose value in the past week. Following a 20.5% price decline, one would expect people to expect a bounce. On the hourly and daily chart, a market reversal is taking shape. Even so, there are still 50 times as many shorts compared to longs for ZIL on MXC Exchange. An intriguing market to keep an eye on.
Loopring and Dogecoin are in very different situations. Both currencies record a gain of over 100% in the past week. After such a strong bullish trend, a correction almost seems mandatory. If and when it will occur, however, is always challenging to determine. Judging by the hourly and daily charts, neither DOGE nor LRC shows weakness. Even then, there are three times as many shorts for DOGE compared to longs. For Loopring, that ratio sits at 10-to-1.
Longing Altcoins: BSV, TRX, and BNB
It is remarkable to see Bitcoin SV gain some market momentum all of a sudden. This fork of Bitcoin has struggled since its inception and shows further weakness as time progresses. For speculators, however, BSV remains attractive despite its near sideways momentum in the past week. Long positions outweigh shorts by 11.6:1 at the time of writing.
A similar momentum affects TRON or TRX. Market speculators expect big things from this ecosystem over the coming days and weeks. Indeed, TRON is now home to multiple significant stablecoins, confirming the network has potential. Despite a 3.6% price dip this week, traders open 14.4 times as many long positions as those shorting TRX.
For Binance Coin, no one knows what to expect. The currency of the biggest centralized exchange was rising in value and surpassed $40 as of today. This caps off a 12.2% price increase for the past week. On MXC Exchange, the longs outweigh shorts by 11.7:1, indicating the BNB price may keep pushing higher.
Bitcoin and Ethereum Remain Bullish
The performance of Bitcoin and Ethereum directly affects altcoin market momentum. If the two leading markets turn mega bullish or bearish, altcoins will have a tough time keeping up. For now, the traders on MXC Exchange expect both BTC and ETH will resume their bullish uptrend in the coming days. No noteworthy shorts have been opened as of yet.
Statistics-wise, there are more Ethereum longs than long positions for Bitcoin. An intriguing development, indicating more people expect Ethereum to hit a new all-time higher shortly. Surpassing that previous ATH of $1,445 will not come easy, but it is possible.
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