According to crypto analysis platform Santiment, traders are bullish on the Ethereum, Ripple and Cardano trio. Santiment also states that ETH, in particular, benefited the most from this perception, as it had previously risen to $ 2,700. Crypto analyst Victor Olanrewaju evaluates the technical outlook of these 3 altcoin prices.
Santiment: Bullish sentiment is rising for these 3 altcoins
cryptokoin.com As you follow from, the market witnessed a ward after the spot Bitcoin ETF approval. However, this excitement did not last long. As we entered the weekend, the sell-off came and the market gave back some of its benefits. However, this decline may be a buying opportunity. Analytics platform Santiment looks at the on-chain Installed Precision metric. As a result, traders state that bullish sentiment has increased for 3 altcoins.
Weighted Sentiment takes into account unique social volume to determine whether the average review of a cryptocurrency is positive or negative. When the metric is negative, it means investors are bullish. But when positive, it indicates bullish sentiment, as is the case with ETH, ADA, and XRP. In this context, Santiment shared the following:
As the weekend begins, sentiment towards top assets remains at highly optimistic levels following ETF approvals. Investors are particularly bullish on Ethereum after its market value rose above $2,700 for the first time. There is also a significant bullish trend towards Bitcoin and XRPNetwork. As traders discuss the possibilities of ETH or XRP ETF approval, Cardano is being overlooked compared to the usual level of trader optimism.
📊 As the weekend has kicked off, sentiment toward top cap assets remain at extremely optimistic levels with spotlights on them following the #ETF approvals. Traders are particularly #bullish toward #Ethereum after its market value climbed above $2,700 for the first
(Cont) 👇 pic.twitter.com/JxitOuX6Ww
— Santiment (@santimentfeed) January 13, 2024
Technical outlook for leading altcoin Ethereum
At the time of writing, ETH fell from the $2,700 high and was trading at $2,554. But before retesting $2,556, ETH’s price hit $2,472. However, the RSI shown on the 4-hour chart showed that ETH was initially overbought on January 11 as well. At that time the RSI was 80.50. This contributed to the price decline. Additionally, the indicator did not fall below the 50.00 midpoint. This shows that the bulls are able to defend ETH’s momentum. If Mometum buying returns to ETH, it is possible for the altcoin price to touch the $2,500 spiritual resistance.
If this happens, ETH could possibly hit a new yearly high above the $2,700 mark. For this to happen, the MACD needs to be positive, especially since it was -16.74 at press time. If the MACD reverses from its downward direction, ETH momentum could head north and trigger a price increase.
ETH 4-Hour Chart. Source: TradingViewCardano (ADA) technical outlook
The ADA 4-hour chart showed that the price fell below the $0.60 spiritual zone. The fact that it fell below this valuable region was evidence of the heavy selling pressure that started on January 11. However, there seems to have been a shift in investor sentiment as the price struggled to rise above $0.55. If the bulls take advantage of this zone, it is possible that they outperform the sellers as they look to surpass the $0.60 resistance. Additionally, the 20 EMA (blue) crossed over the 50 EMA (yellow). Thus, it indicates that the next trend for the altcoin is likely to be bullish. These EMAs were also around $0.55, so it is possible that the price could act as a base for the next leg.
ADA 4-Hour Chart. Source: TradingViewFinally, Ripple (XRP) technical view
The market structure of XRP is also similar to ADA. XRP rose to $0.57 after falling to $0.55. This increase indicates that there is some buying pressure from lower levels. This view is also supported by the RSI, which is just below the 50.00 midpoint. RSI data shows that the previous selling pressure was not heavier. However, if the bulls want to push XRP towards $0.65, they need to overcome the selling pressure at $0.62. If this happens, the path to $0.65 could be opened for the altcoin.
However, it is also possible for the bears to resist the potential upside move. If the bears succeed, the XRP price is likely to drop to $0.50. On the other hand, the bulls have an advantage, especially as the Chaikin Money Flow (CMF) rose to 0.22. CMF data shows that XRP’s buying momentum is much greater than the selling pressure. So, XRP has a better chance of reaching $0.60 than it does falling to $0.50.
XRP 4-Hour Chart. Source: TradingView