According to analytics firm Santiment, altcoin prices are likely to drop further.
“While crypto prices continued their volatile patterns, altcoins showed absolutely different paths and outcomes based on average trader returns. Using multiple timeframes in the results, we see that the vast majority of altcoins are oversold, but further downside is very likely.”
Examining popular altcoins, Santiment stated that 1inch, Chiliz, Engin, Fantom, Loopring and Skale have historically been in good buy zones. Popular projects like
Phantom (FTM), Loopring (LPC), Chiliz (CHZ) and Enjin Coin (ENJ) all fell between 60% and 80% from their record highs. Decentralized exchange 1 inch (1INCH), Layer 2 scaling solution Skale (SKL), and Curve DAO Token (CRV), a decentralized finance (DeFi) platform designed for trading stablecoins, experienced an all-time decline of 84% to 96%.
The analytics firm also said that after a crypto market leap that put Bitcoin above $39,000, “notable winners” are Monero (XMR) and Zcash (ZEC), as well as file storage protocol Aweave (AR) and micropayments network. He said it was Toncoin (TON).
“Crypto prices have been moving in the right direction again in the last 24 hours. Bitcoin once again modestly climbed above $39.2k and Ethereum climbed back above $2,600. Notable gains are ZEC (+16%), TON (+13%), AR (+10%) and XMR (+9%).”
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