Expert Analyst Predicts Major Surge for Two Altcoins: Coin Names and Symbols Revealed!
- The cryptocurrency market experienced a downturn ahead of the Federal Reserve’s interest rate decision during the week, but rebounded over the weekend following the release of non-farm payroll data on May 3rd.
- Following days of sustained short-selling pressure, some cryptocurrencies are showing potential for rapid growth within the possibility of short-selling pressure.
- Crypto analyst Vinicius Barbosa specifically mentions the ‘short squeeze’ potential for 2 altcoins.
Discover the potential ‘short squeeze’ for two altcoins in the cryptocurrency market, as the market rebounds from a downturn. Learn about the factors contributing to this potential and what it could mean for investors.
Warning of ‘short squeeze’ for 2 altcoins after Bitcoin
As you may have followed from CoinOtag, the total crypto market value made a local bottom on May 1st. However, it later recovered and has since increased by over $277 billion from this level. The index recorded an increase of over 13% within three days on May 4th, reaching a local high of $2.318 trillion. The previous fear, uncertainty, and doubt (FUD) led cryptocurrency traders to largely short Bitcoin (BTC) and other cryptocurrencies. This increased the possibility of short-selling events for BTC and targeted higher prices. Additionally, two altcoins stand out with negative funding rates and accumulated short position liquidations.
‘Short squeeze’ warning for BNB Chain (BNB)
The current funding rate of BNB is a leading signal for a potential ‘short squeeze’ for the token. CoinGlass’s 30-day funding rate heat map shows this. Specifically, BNB short sellers are paying an APR of 32.63% for long position traders. This could potentially fuel short liquidations. BNB also has the sixth largest open interest in the derivatives market, increasing the relevance of the signal. As for price targets, BNB has... Read the full article for FREE at COINOTAG!
