Sell when others are greedy and buy when they are fearful, right? Should Warren Buffett’s advice be true, then the current landscape around three popular altcoins could suggest upcoming bullish rallies for all.
According to Santiment, traders have picked 1inch, Tron, and Stellar to short lately, which could provide buying opportunities for investors.
1Inch, Tron, and Stellar have been getting shorted on and off here in early September. When we see heavy bets against an asset, liquidations can occur which act as “rocket fuel” for the asset’s price to rise higher. Going against the crowd of doubters could pay dividends. pic.twitter.com/gxBVCyyHqf
— Santiment (@santimentfeed) September 4, 2024
The crypto resource’s chart shows that the three assets in question have seen a large number of short positions since the start of the month. This seems like a proper strategy given the fact that the entire crypto market retraced in the past few days.
Tron is down by 6% since the start of the month, while XLM dropped by 5% within the same timeframe. However, 1inch stands in the opposite corner, having gained around 4%.
This could actually be the proving ground for Santiment’s tweet, as it suggested that such a high number of short positions could serve as the ‘rocket fuel’ needed for those assets to surge since liquidations can occur more easily.
As such, the monitoring resource suggested that going against the ‘crowd of doubters’ could be beneficial in similar situations.
The post These 3 Altcoins Are Getting Heavily Shorted But Is That Bullish? appeared first on CryptoPotato.
