Cardano (ADA) and XRP Weighted Sentiments Turn Positive as Investors Anticipate an Imminent Rebound
The post Cardano (ADA) and XRP Weighted Sentiments Turn Positive as Investors Anticipate an Imminent Rebound appeared on BitcoinEthereumNews.com. – Advertisement – Cardano (ADA) and XRP are witnessing some positive sentiments from the community as investors look out...
Cardano (ADA) and XRP are witnessing some positive sentiments from the community as investors look out for a comeback.
The bear market as we know it is far from over, but that hasn’t stopped the markets from staging occasional relief rallies to keep the hope alive. Sentiments remain a crucial aspect of the market, especially at this time, as they attest to investors’ outlook on the markets.
Due to the effects of the bear market, weighted sentiments have generally remained bearish for most of the cycle. Notwithstanding, it appears traders are getting some positive feelings about the price actions of some assets such as ADA and XRP.
“The crypto crowd is far from euphoric toward markets. But the persistent negativity and bearishness has faded as traders anticipate a rebound here in Q4,” behavior analytics platform Santiment remarked in a tweet Thursday.
🤞 The #crypto crowd is far from euphoric toward markets. But the persistent negativity and bearishness has faded as traders anticipate a rebound here in Q4. $BTC, $BNB, $XRP, and $ADA all indicate crowd bullishness, while $ETH is just slightly bearish. https://t.co/NgcUgicgag pic.twitter.com/oJ46yWfgD7
— Santiment (@santimentfeed) October 20, 2022
Santiment highlighted the Weighted Sentiments of several notable crypto assets, including but not limited to ADA and XRP. These two assets, in particular, had witnessed a bearish outlook from market traders for over a month.
This bearish outlook dissipated as the markets transitioned from mid-October to late-October, heading to the last two months of the year. With a Weighted Sentiment score of 0.20 at the time of reporting, ADA is witnessing its most bullish sentiment in over a month.
The conviction provokes this shift to a bullish outlook that ADA will likely break out of its bearish pattern. ADA has been underperforming since mid-September, but the asset’s dip to $0.35 makes investors believe the bottom is likely priced in and could only go up from its current position.
ADA currently trades at $0.35 as of press time, down 2.74% in the past week. The asset has broken below several resistance points to regain its humble position. The last time ADA saw the $0.35 level was in January last year. Notwithstanding, the support at $0.35 has proven useful in ensuring there are no further dips.
Notable market watcher Peter Brandt forecasted an ADA dip to $0.25 early this month. The asset was changing hands at $0.43 at the time. ADA has plummeted by over 18% since then. Most analysts, however, believe the asset couldn’t dip further, which explains the rise in Weighted Sentiment.
Additionally, the community appears bullish on XRP, maintaining its position above $0.45 for over two weeks despite market turbulence. With a count of 0.74, XRP has the highest Weighted Sentiment score amongst the five assets assessed, leading even the firstborn crypto, BTC.
XRP has generally proven to be more formidable against the effects of the bears than most cryptocurrencies. The asset’s auspicious price movements have partly been stimulated by a more bullish outlook borne by massive developments on XRPL, like Ethereum smart contracts coming to XRPL and recent reports of Ripple’s litigation with the SEC, like by court orders SEC is bound to handover Hinman documents to Ripple.
XRP has only seen minor gains in the past day and week, consecutively at rates of 0.57% and 0.80%. The asset is currently changing hands at $0.46 as of press time. A rise to levels above $0.50 before month-end is not a chimerical task for the asset, as it already touched the zone this month.
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