Shiba

Bitcoin Cash

Bitcoin

Axie Infinity

Shiba Inu

<p>Earlier today, crypto analytics platform Santiment <a href="https://x.com/santimentfeed/status/1746367001868796121?s=20" target="_blank" rel="noopener noreferrer nofollow">tweeted</a> an observation that Axie Infinity (AXS) and Bitcoin Cash (BCH) stand out as two of the very few crypto assets seeing more shorts than longs this weekend:</p>
<p><em>“AxieInfinity and BitcoinCash are among the very slim group of crypto assets that are seeing a higher ratio of shorts than longs this weekend. Traders appear to be confident of a market bounce upcoming, and $BCH &amp; $AXS are two exceptions.”</em></p>
<p>This is significant because most other major cryptocurrencies are seeing the opposite – more long positions opened by traders expecting prices to rise. As Santiment notes, there seems to be broader confidence across crypto markets this weekend. Yet traders are bucking the trend and betting against price rises for both AXS and BCH specifically.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="661" src="https://captainaltcoin.com/wp-content/uploads/2024/01/image-402-1024x661.png" alt="" class="wp-image-420437" srcset="https://captainaltcoin.com/wp-content/uploads/2024/01/image-402-1024x661.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-402-300x194.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-402-767x495.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-402-1536x991.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-402-2048x1322.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-402-232x150.png 232w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-402-100x65.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-402-542x350.png 542w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-402-788x508.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>When shorts get liquidated – meaning these bearish bets get closed at a loss due to market moves against them – it can accelerate gains like <em>“rocket fuel.”</em> The highly-shorted coins AXS and BCH could see just such short squeezes if prices start bouncing off local lows.</p>
<p>The contrarian shorting against these altcoins likely comes from longer-term bearishness, even as AXS is down 15% and BCH is up 100% over the past year. Other altcoins with massive previous gains like <a class="wpil_keyword_link" href="https://captainaltcoin.com/cardano-ada-price-prediction/" title="ADA" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">ADA</a>, SOL, AVAX or LINK have seen much larger drawdowns. Traders seem focused on expecting further declines or consolidation for AXS and BCH rather than any belief in a sustainable bounce.</p>
<div class="wp-block-rehub-colortitlebox rh-colortitlebox" style="text-align:left;border-radius:5px;box-shadow:0 10px 10px #00000007;background-color:#fafafa;color:">
 <div class="rh-colortitle-inbox" style="background-color:var(--rehub-main-color);color:#fbfbfb;border-radius:5px 5px 0 0"><i class="rhicon rhi-bolt-regular rh-colortitlebox-icon" style="color:"></i>
  <div class="rh-colortitle-inbox-label">
   Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger! <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f92b.png" alt="🤫" class="wp-smiley" style="height: 1em; max-height: 1em;">
  </div>
 </div>
 <div class="rh-colortitlebox-text">
  <style scoped>.rh-toggler-open{height:auto !important}
.rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important}
.rh-toggler-open .rh-tgl-hide{display:block !important}
.rh-tgl-show, .rh-tgl-hide{cursor:pointer}
.rh-contenttoggler *{box-sizing: border-box !important}
.rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;}
.rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}</style>
  <div class="wp-block-rehub-contenttoggler rh-contenttoggler" data-height="100px">
   <div class="rh-toggler-wrapper" style="height:100px">
    <p>The key? Getting in early, especially during the IDO phase. <strong><a href="https://captainaltcoin.com/go/ll_inside/" target="_blank" rel="noopener noreferrer nofollow">Get in on NuggetRush</a></strong> now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the<strong><a href="https://captainaltcoin.com/go/ll_inside/" target="_blank" rel="noopener noreferrer nofollow"> current ICO prices</a></strong>!</p> <span class="rh-tgl-trigger" style="text-align:center;position:absolute;z-index:2;bottom:0;left:0;width:100%;color:"><span class="rh-tgl-show" style="display:block">Show more +</span><span class="rh-tgl-hide" style="display:none">Show less –</span></span><span class="rh-tgl-grad" style="background-image:linear-gradient(to bottom,rgba(255,255,255,0) 0,#ffffff 100%);display:block;position:absolute;height:100px;bottom:0;left:0;z-index:1;width:100%"></span>
   </div>
  </div>
 </div>
</div>
<p>It will be fascinating to watch if these coins see short covering rallies even while broader sentiment remains cautious. Savvy traders might try to profit from the squeezed shorts if quick upside does emerge. But the broader macro backdrop likely remains too weak for most to call serious bottoms in AXS and BCH yet. The short sellers might still have the right long-term idea.</p>
<p>You may also be interested in:</p>
<ul>
 <li><a href="https://captainaltcoin.com/a-sleeping-crypto-giant-why-one-ripple-analyst-sees-xrp-surging-to-333/" target="_blank" rel="noopener noreferrer nofollow">A Sleeping Crypto Giant? Why One Ripple Analyst Sees XRP Surging to $333</a></li>
 <li><a href="https://captainaltcoin.com/fibonacci-reveals-shhiba-inus-shib-nex-key-levels-but-this-support-must-hold-first/" target="_blank" rel="noopener noreferrer nofollow">Fibonacci Reveals Shiba Inu’s SHIB Next Key Levels, But This Support Must Hold First</a></li>
 <li><a href="https://captainaltcoin.com/bonk-90-day-growth-hits-6390-as-shiba-inu-successor-gains-steam/" target="_blank" rel="noopener noreferrer nofollow">Bonk 90-Day Growth Hits 6390% As Shiba Inu Successor Gains Steam</a></li>
</ul>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/Copy-of-P2P-Review-17-qi3pqhl3pi3mlojv8nq0upz5rcb68rblc7kuvhcaou.png" width="500" alt="Check NuggetRush ($NUGX)" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-ll_bottom-target-_blank-rel-noopener-noreferrer-nofollow-span-check-nuggetrush-nugx-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> <span>Check NuggetRush ($NUGX)</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20">
     Sponsored: Invest Responsibly, Do Your Own Research.
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> Buy NUGX Today </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Being in its <strong>ICO stage</strong>, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>A unique <strong>play-to-earn</strong> gaming platform in the memecoin market <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>The platform combines artisanal and <strong>gold mining</strong> with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Fosters a strong <strong>community </strong>by encouraging physical meetups among members <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i><strong>NFT</strong> Integration with Prominent Characters
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a href="https://captainaltcoin.com/axie-infinity-axs-and-bitcoin-cash-bch-singled-out-by-traders-betting-on-more-downside-heres-why/" rel="noopener noreferrer nofollow">Axie Infinity (AXS) and Bitcoin Cash (BCH) Singled Out By Traders Betting on More Downside – Here’s Why</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Axie Infinity (AXS) and Bitcoin Cash (BCH) Singled Out By Traders Betting on More Downside – Here’s Why

Table of Contents

CaptainAltcoin

Other articles published on Jan 14, 2024

Binance assures Indian accounts are safe following Apple’s delisting

Crypto Investments: Comparing NuggetRush, Polygon, and Dogecoin’s Prospects

Zurich-based Bank, UBS, Steps Into Cryptocurrency, Trades Bitcoin ETFs

Bitcoin Price Forecast and Market Expectations

Bitcoin’s Uncertain Path: Expert Analysis and Current Data Suggest Potential Price Shifts

Watch Out: New Week Has Plenty of Economic Developments and Altcoin Events – Here’s a Day-by-Day,...

Join our free newsletter for daily crypto updates!