As a seasoned researcher with years of experience in the cryptocurrency market, I find these trends intriguing and potentially profitable. The decline in funding rates for AAVE, GRT, and MANA on Binance, as suggested by Santiment, could indeed lead to significant price spikes due to potential liquidations of short positions.
It’s possible that Aave, The Graph, and Decentraland may experience substantial increases as a result of noticeable drops in their funding costs.
Based on data from Santiment, the funding rates for Aave (AAVE), The Graph (GRT), and Decentraland (MANA) have dropped into negative territory, sitting at -0.018%, -0.014%, and -0.021% respectively.
Keep an eye on these intriguing altcoins as the cryptocurrency market recovers robustly: Decentraland, The Graph, and Aave. Notably, they are among the top 100 by market cap, and their current high short ratios on Binance suggest that if liquidations occur, it could trigger substantial price surges.
— Santiment (@santimentfeed) September 12, 2024
The gauge suggests that each of the three assets is experiencing a substantial increase in their short-term trading bets, implying a strong upward trend.
An asset’s price usually goes the opposite way when the funding rate falls into the negative zone.
In this scenario, based on Santiment’s analysis, there might be an increase in the value of AAVE, GRT, and MANA if there are forced closures (liquidations) of short positions.
On September 11th, AAVE attained a two-year peak of $160 due to a three-day price increase. Over the last day, the asset has been holding steady within the range of $147 to $149.
In the past 24 hours, Aave has dropped by 1.7% and is now priced at $148. Its market capitalization stands at approximately $2.2 billion, placing it as the 36th largest cryptocurrency. Furthermore, daily trading volume related to Aave has also slowed down and decreased by 12%, currently standing at around $370 million.
The Graph’s value has been steadily decreasing since it peaked at $0.49 in March, marking a two-year high. However, over the last day, The Graph managed to increase by 3%. At present, it is being traded for approximately $0.14. As the 51st largest token, The Graph has a market capitalization of around $1.3 billion.
MANA, much like GRT, has seen a comparable surge in momentum but has found it challenging to maintain robust bullish traction since March. Over the past day, it has climbed 3.2%, currently trading at $0.27 as of this report. The market capitalization for MANA now exceeds half a billion dollars, placing it at the 106th position on the list.
Even though a positive market signal is present, it’s crucial to stay vigilant about broader economic occurrences that might shift the course of financial markets.
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2024-09-12 09:51