Top Altcoins to Consider Ahead

Altcoins to watch as cryptocurrency continues to enjoy its strong rebound include Decentraland, The Graph, and Aave.

Cryptocurrency prices enjoyed a collective rebound on Thursday morning, as several altcoins signaled a potential recovery from the recent sell-off.

The total crypto market cap increased by more than 1 percent in the past 24 hours, while Bitcoin (BTC) price briefly dropped below $58k earlier today before recovering.

Top Altcoins to Consider Ahead

Among the altcoins that could benefit from a potential short squeeze, according to an analysis by Santiment, are Decentraland (MANA), The Graph (GRT), and Aave (AAVE).

These altcoins are registering higher funding rates of more shorts, which could lead to a stronger rebound in the event of liquidations.

Decentraland (MANA)

Small-cap altcoin Decentraland (MANA) is positioned to enjoy a further bullish continuation in the coming sessions, especially amid the mass adoption of Web3 protocols fueled by play-to-earn gamifi projects.

The small-cap altcoin, with a fully diluted valuation of about $594 million and a daily average traded volume of around $27 million, enjoyed a rally of over 3 percent in the past 24 hours to trade at about $0.2719 on Thursday during the mid-London session.

From a technical standpoint, MANA price has been forming a potential reversal pattern characterized by rising divergence on the daily Relative Strength Index (RSI).

The Graph (GRT)

Fast-growing indexing protocol The Graph (GRT) is also attracting a substantial spike in short funding rates, which could lead to a potential GRT liquidation of the short traders that may trigger a further bullish rebound in the near term. 

The mid-cap altcoin, with a fully diluted valuation of about $1.5 billion and a daily average traded volume of around $34 million, rallied over 3 percent in the past 24 hours to trade at about $0.14 at the time of this report.

From a technical standpoint, GRT’s price has established a robust support level above 12 cents, which could lead to a further bullish rebound. The altcoin has formed a potential double bottom coupled with bullish divergence on the daily RSI.

Aave (AAVE)

Aave is one of the top-performing DeFi protocols available on several blockchains including Ethereum, BNB chain, Avalanche, and Fantom, among others.

The mid-cap altcoin, with a fully diluted valuation of about $2.4 billion and a daily average traded volume of around $461 million, pumped nearly 2 percent in the past 24 hours to trade at about $150 on Thursday.