Stellar (XLM) Sees Over 8% Price Increase: Is a Breakout Imminent?
You might want to keep an eye on Stellar ($XLM) as its price has surged by 8% on September 4, 2023. This could indicate a possible breakout for the asset, especially considering its consistent shorting by the crowd, according to data from Santiment. Furthermore, there is potential for the price to rise even more due to liquidations.
Top Cryptocurrencies to Watch: TON, XMR, ARB
If you’re an investor, it’s worth closely monitoring three cryptocurrencies: TON, XMR, and ARB. These assets are also being heavily shorted by the crowd, according to Santiment’s data.
Recent data reveals that XMR’s market value has reached approximately $21.3 million, a significant increase from $11.7 million on August 21. With a long/short ratio of 1.44, the market sentiment for XMR seems balanced. This suggests that liquidity issues are less likely for long positions.
Declining Open Interest for ARB
In contrast, ARB has experienced a decrease in open interest. It reached a peak of around $60 million on August 28 but has now dropped to $48.7 million. Despite the decline, the open interest remains substantial. However, long traders should be cautious as ARB’s high long/short ratio of 3.78 indicates potential liquidity risks.
Hot Take:
With Stellar’s recent price surge and the shorting activity on TON, XMR, and ARB, the cryptocurrency market is certainly heating up. It’s crucial to stay informed and make well-informed decisions to navigate these exciting and volatile times in the crypto space.
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