The post Analytics Firm Sounds Correction Alert on an Altcoin appeared on BitcoinEthereumNews.com.

Cryptocurrency analytics firm Alphractal assessed the current market conditions, stating that sentiment on social media platform Twitter and news outlets remains predominantly optimistic towards cryptocurrencies. According to the firm, this optimism could pave the way for a market decline that could provide a better entry point for new investments. Alphractal noted the historical correlation between market sentiment and Bitcoin’s price movements. “Negative sentiment on Twitter and news sites has often coincided with local price bottoms, particularly for Bitcoin,” the firm said. Sentiment analysis algorithms track and classify public sentiment as negative, neutral, or positive. When negative sentiment prevails, Bitcoin’s price often buck the trend and hit a local bottom before recovering, Alphractal explained. “This shift leaves many traders anxious and skeptical as prices begin to rise again,” the company added. The report also highlighted SUI, a layer-1 blockchain token, as it faces high risk in both the short and long term. Alphractal suggested that a correction, potentially driven by liquidation patterns, is the most likely outcome. According to the firm’s analysis of 7-day aggregated liquidation levels, the price of SUI could rise to $5 to liquidate remaining bear positions. Furthermore, the 30-day liquidation levels are weighing on the asset, indicating an increasing probability of a long liquidation in the near future. *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data! Source: https://en.bitcoinsistemi.com/analytics-firm-sounds-correction-alert-on-an-altcoin/

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Filed under: News - @ December 15, 2024 9:08 am