While continuing its ups and downs in Bitcoin and altcoins, Santiment explained the bearish sentiment in the top 10 cryptocurrencies.
Santiment explained whether the general market trend in the cryptocurrencies he examined is bearish or bullish.
At this point, Santiment stated that the ratio of positive and negative comments on social media shows what trend there is.
Accordingly, if the positive/negative comment ratio is 1, it is interpreted as neutral sentiment (neither bullish nor bearish expectations), while higher rates are interpreted as the price of the relevant cryptocurrency may peak.
Santiment bearish/bullish analysis includes Bitcoin (BTC), Etheruem (ETH), BNB, Solana (SOL), XRP, Dogecoin (DOGE), Cardano (ADA), Toncoin (TON), Shiba Inu (SHIB) and Avalanche (AVAX). ) examined.
1.Bitcoin (BTC):
Stating that the bear/bull ratio is 1.59 for Bitcoin, Santiment said that this ratio is currently bullish.
According to Santiment, who stated that this rate saw a large increase in mid-May and that there was a correction after this increase, this increase in May marked a peak for BTC and crypto markets.
2.Etheruem (ETH):
Santiment stated that the bearish ratio is 2.16 for Ethereum. Pointing out that investors’ optimism about the ETH price increased after the SEC’s ETF approval, Santiment said that this high rate could be a warning and correction signal for the price.
3.BNB:
Santiment stated that the bear to bull ratio is 2.94 for BNB. Explaining that only one in every 4 comments about BNB is negative and the other 3 comments are positive, Santimnet said that despite these positive comments, BNB did not attract attention among investors.
According to Santiment, these positive comments from investors were a reflection of how Binance viewed rather than BNB interest.
4.To the left (LEFT):
Stating that the bear bull ratio is 3.03 for SOL, Santiment said that although Solana’s price performance has been a bit disappointing for investors recently, rally expectations in SOL are increasing.
“It looks like there are still tons of believers that the SOL will go on another run similar to its surprising rally in the third quarter of 2021.”
5.XRP:
Explaining that the bear-bull ratio is 1.62 for XRP, Santiment said that XRP is one of the most disappointing performing cryptocurrencies in the last few months, right after Cardano.
Stating that the bear-bull ratio indicates an increase for XRP, Santiment said, “The fact that the ratio shows a moderate upward trend is a sign that people are impatient for the rise.” said.
6.Dogecoin (DOGE):
For Dogecoin, this rate is 2.06.
Saying that DOGE is up and down as always, Santiment said, “Despite the positive comments about DOGE, there is no stability in the price. Then the sentiment towards DOGE may be a reflection of how investors perceive meme coins in general, rather than this specific asset.” said.
7.Cardano (ADA):
Stating that the rate for ADA is 3.42, Santiment said that Cardano, like XRP, could not exhibit the expected performance in 2024.
According to Santiment, more positive comments despite poor performance could be a sign of optimism and bullishness for ADA.
8.Toncoin (TON):
Stating that the bear bull ratio is 0.56 for TON, Santiment announced that Toncoin has become one of the favorites of 2024 by increasing its market value more than three times in the last 3 months alone.
Santiment said that, depending on the rate, investors may be starting to take profits and added that investors may extend the rally a little longer in the shadow of FUD.
9.Shiba Inu (SHIB):
While this ratio for SHIB stands at 2.09, SHIB has been witnessing positive sentiment for about 7 weeks.
Santiment noted that this was a bit odd, given that the SHIB price had not come close to any sustained recovery since the massive price peak at the beginning of March.
10.Avalanche (AVAX):
Finally, the bear bull ratio for AVAX is 2.22.
Stating that AVAX disappointed investors after unsuccessful rally attempts, Santimnet said, “As positive and negative comments are more than doubled, it shows that investors do not expect an increase in the Avalanche price yet.” said.
*This is not investment advice.
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