Ethereum rival Phantom (FTM) continues to show a bullish sign on the chain as it approaches record levels, according to crypto intelligence firm Santimento.
Santiment states that it is closely monitoring the funding rate of Binance crypto exchange Fantom. This may indicate that the highly scalable blockchain for the enterprise is ready to move forward on the right track.
The specter returned in late October and is approaching a record high of $3.47. A sign to watch carefully is the price of FTM funding on exchanges like Binance. When it becomes passive, many shorts appear. Prices tend to skyrocket. “
For Bitcoin (BTC), Santiment focuses on social trends that have historically shown the reversal of the best crypto assets by market cap.
According to crypto insights, when the price of Bitcoin bottomed in July and finally doubled in price, the terms “inflation” and “supply” spread on social media platforms. ..
“The sudden surge in interest for both #inflation and #fed is noteworthy. Likewise, these words soared about Bitcoin’s last major bottom in July 2021. Traditionally in crypto. The concept of hedging from the market seems to be more accepted by the week.”
Similarly, Santiment stated that prices usually continue to fall as mention of “buy on dip” spread across social media. Conversely, when the mention of “buy on dip” disappears, prices actually tend to go up.
According to the company, the excitement of “buying dips” has waned, and dip-buying has become less and less. This could be a bullish catalyst for bitcoin now that the crowd has given up.
“When it comes to #buyingthedip, it is important to note how excited the trading audience is to do so. Normally, if a trader uniformly believes that the price is about to bounce, then that is the price. It is not time to actually bounce back.”
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