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In the third week of February, the cryptocurrency market recorded remarkable recoveries in many altcoins. However, the general negative sentiment has not improved, creating the conditions for a possible liquidation of positions for overly optimistic traders.
Altcoins such as XRP, Doji and Tao have attracted the attention of followers this week due to significant developments, but they also carry the following risks.
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1. XRP
The XRB liquidation chart shows that the cumulative volume of long liquidations slightly exceeds short positions.
This week, if the XRP price drops to $1.30, the cumulative liquidation of Long positions could be more than $200 million. Conversely, if the XRP price rises above $1.63, the cumulative liquidation of short positions could reach $150 million.
XRP temporarily rose to $1.66 on Sunday before quickly falling below $1.50 on Monday. Analyst Dom identified the selling pressure coming from the UpBit platform through the XRP Spot Commutive Volume Delta indicator.
Data shown About 50 million XRP were net sold on AppBit in 15 hourswhich generated strong selling pressure. This pressure appeared before the eve of the lunar year, which is often a holiday period in many Asian countries Raise concerns about low liquidity.
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At the same time, XRP A large part of the trading volume On AppBit and Beethumb in South Korea. As a result, selling pressure from Asian investors may put Long positions at risk this week.
2. Dogecoin (DOGE)
Recent bullish discussions in the community have encouraged traders to allocate their capital to Long positions for Doji this week.
If Doge falls to $0.091, the accumulated purchase liquidations could approach $90 million. At the same time, if Doge rises to $0.114, the cumulative sales liquidations could total about $53 million.
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Should Doge Buy Traders Remain Cautious? Nansen data shows that Doge balances on exchanges (yellow line) have suddenly increased since February 12, when Doge began its recovery led by rumors about… Upcoming launch of X Money.
Many Doge investors appear to be using the recovery as an opportunity to exit their positions by transferring tokens to exchanges. If this trend continues this week, the Doge could correct and head towards liquidation levels for long positions.
3. Bitanser (TAO)
can provide Tao is listed on the South Korean Stock Exchange February 16, new momentum to support the recovery of the price.
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The settlement chart shows that if TAW rises above $283 this week, sales settlements could exceed $13 million. Conversely, if TAW drops to $160, buying liquidations could reach $11.5 million.
Follow the cryptocurrency community’s discussions about AI at Attract high stakes From the general interest of the market and the correction Betnesour (Tau) towards a long-term support zone, the analyst Michael van de Poppe expects a strong recovery.
Michael van de Poppe said that he believes that protocols powered by artificial intelligence <> cryptocurrency are essential in any financial wallet and that he is happy to add funds to this position. He added that he expects to see more strength going forward from this point with at least a moderate return to around $300.
Expect new liquidity coming from AppBit, coupled with Michael van de Poppe’s assessment, to risk short positions on Tau.
