Cryptocurrencies To Watch For This Week: LTC, ADA, BCH, ETH, VET, and LINK

The ongoing bullish trend in the altcoin market has lost some of its paces for now. If we compare the previous week’s price of altcoins, many like BCH, ADA, ETH, LTC, VET, and LINK are still presenting double-digit profits. The main reason for that is the increasing interest in altcoins over many crypto exchanges.

Another factor for the price increase is the massive cache in the spot exchanges. One thing to be noted is that alternative coin whales have transferred their resources from the central exchange wallets to different wallets before the increase in price for altcoins. According to CryptoQuant, the average number of outflows from all the exchanges for SUSHI, AAVE, LINK, BAT, SNX, and UNI.

The data speaks very clearly when it comes to the whale addresses mentioned on a network for rising and dumping levels. However, it is not easy to conclude based on exchange reserves if CEL, BNT, RDN, SKL, YFI, and SUSHI lie on the bearish or bullish side. To find definitive answers traders, consider the social volume, price, and volatility relationship among the altcoins.

In the last few weeks, the social volume of altcoins has dropped significantly. Nevertheless, the drop corresponded with a price increase. Considering the social volume of an altcoin, SUSHI tops the charts but, when we look at BAT, AAVE and UNI, that is certainly not the case. The aforementioned altcoins are extremely volatile and have a huge network activity. Same as SUSHI, the altcoin LINK has an akin relationship of its price and social volume.

When it comes to retail dealers, a blend of exchange reserves and social value are worth taking a look at, for when an altcoin rally starts to exhaust its strength and changes direction. Yet, a thin line exists between a resource’s price being overestimated and a resource being overestimated enough to be sold.

The contrast has been recorded in terms of selling data and price trend of assets. At the moment, there are no indications of weariness in the succeeding market. It might have slacked off for top altcoins and Bitcoin, but ETH is still running strong and is most probable to be sold in a brief period.