The total crypto market cap rallied more than 1 percent in the past 24 hours as Bitcoin (BTC) price reclaimed a crucial support level above $58k earlier today. The altcoin industry – led by Binance Coin (BNB), Sui (SUI), and Cardano (ADA), among others – signaled a potential rebound from the recent sell-off.
The crypto industry has been following major stock indexes, which registered gains in the past 24 hours amid the anticipated economic shift in the United States. Furthermore, the US inflation on an annual basis dropped significantly, whereby the CPI came in at 2.5 percent down from 2.9 percent last year.
Top Altcoins to Consider Ahead
🧐 Altcoins to watch as cryptocurrency continues to enjoy its strong rebound include Decentraland, The Graph, and Aave. Each of these top 100 market caps are seeing significant short ratios on Binance, implying liquidations would lead to big price jumps. pic.twitter.com/6LaQ4HnyBn
— Santiment (@santimentfeed) September 12, 2024
According to an analysis by Santiment, altcoins that register higher funding rates of more shorts tend to rebound more as the forced liquidations trigger a potential short squeeze.
Decentraland (MANA)
Amid the mass adoption of Web3 protocols fueled by play-to-earn gamifi projects, Decentraland (MANA) is well positioned to rebound further in the near term. The small-cap altcoin, with a fully diluted valuation of about $594 million and a daily average traded volume of around $27 million, has rallied over 3 percent in the past 24 hours to hover about $0.2719 on Thursday during the mid-London session.
From a technical standpoint, MANA price has been forming a potential reversal pattern characterized by rising divergence on the daily Relative Strength Index (RSI)
The Graph (GRT)
The Graph (GRT), a fast-growing indexing protocol aimed at organizing blockchain data, has also attracted a significant spike in short funding rates. A potential GRT liquidation of the short traders could lead to a further bullish rebound in the near term.
The mid-cap altcoin, with a fully diluted valuation of about $1.5 billion and a daily average traded volume of around $34 million, rallied over 3 percent in the past 24 hours to trade about $0.14 at the time of this report.
From a technical standpoint, GRT’s price has established a robust support level above 12 cents, which could lead to a further bullish rebound. The altcoin has formed a potential double bottom coupled with bullish divergence on the daily RSI.
Aave (AAVE)
Perfection 🔥🤝$AAVE pic.twitter.com/OilfYAHS02
— Phoenix (@Phoenix_Ash3s) September 12, 2024
Aave is one of the top-performing DeFi protocols available on several blockchains including Ethereum, BNB chain, Avalanche, and Fantom, among others. The mid-cap altcoin, with a fully diluted valuation of about $2.4 billion and a daily average traded volume of around $461 million, pumped nearly 2 percent in the past 24 hours to trade about $150 on Thursday.
