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Axie Infinity, Monero and Four Additional Altcoins Looking Ripe for Breakouts: Crypto Analytics Firm

Axie Infinity, Monero and Four Additional Altcoins Looking Ripe for Breakouts: Crypto Analytics Firm
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Axie Infinity (AXS) blockchain gaming crypto, privacy coin Monero (XMR) and four other cryptocurrencies for pools, according to data from analytics firm Santiment.

Besides AXS and XMR, the company is highlighting its decentralized application platform (DApp) Quantum (QTUM), Web3-focused Ankr, Solana-based liquidity provider Raydium (RAY) and XRP competitor DigiByte (DGB).

“There are usually at least a few crypto assets that are being oversold by bearish traders at any given moment. Our latest insight looks at negative funding rates for XMR, AXS, QTUM, ANKR, RAY, and DGB for potential opportunities.”

source: Santiment / Twitter

Short squeeze occurs when a large amount of short sellers enter the market and then experience an unexpected price hike that triggers a chain reaction of liquidation and therefore a strong rally. According to the company, traders bearish on Monero are making themselves vulnerable to such a scenario.

Santiment also says that the crypto decentralized finance sector looks set for healthy growth this new year. The company identifies three of the most bullish-looking DeFi coins that are showing their strength while a significant portion of the market is trading sideways.

“DeFi assets are showing some good signs of growth to start 2022. YFI [Yearn.Finance], UNI [Uniswap], and AAVE are doing well so far as the first Monday of the year looks bullish for many altcoins.”

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source: Santiment / Twitter

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Featured Image: Shutterstock / Foryoui3 / Fotomay

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