Short selling is a risky maneuver that can produce big gains in a short period of time if done correctly. As the crypto markets continue to be volatile and uncertain, traders are increasingly looking for ways to capitalize on price movements without having to purchase assets outright. This has resulted in an increase in aggressive shorting activity across some altcoins.
The assets which are currently being targeted for shorting include DGB, HBAR, HT, KAVA, KSM, SOL, and ZEC. Although it is impossible to know the exact amount of money that has been bet on these tokens going down in price, what can be said for certain is that traders have made extreme bets with the expectation that these tokens will fall in value.
DigiByte is trading at $0.007973 and is currently up by 0.34% in the last 24 hours.HBAR is trading at $0.03847 and is down 1.69% in the last 24 hours. Huobi Token is trading at $5.24 and is up 1.66% in the last 24 hours.KAVA is trading at $0.6177 and is down 1.15% in the last 24 hours. Kusama is trading at $24.10 up by 5.85% in the last 24 hours. Solana is trading at $13.65 and is up 15.02% in the last 24 hours. ZCash is trading at $40.62 and is down 0.77% in the last 24 hours.
Some of the select altcoins like Solana and Kusama are in a strong uptrend. This makes them prime candidates for short liquidations if the market starts to rally. On the other hand, DigiByte and Huobi Token have been in a somewhat bearish trend recently which could make them more vulnerable to price drops if the momentum continues.
It appears that traders are not afraid to take extreme positions in the market, suggesting that these assets could be primed for small breakouts if altcoins get any momentum. While it is impossible to predict how far these assets may rise if that occurs, investors should be aware of the potential for gains should the market turn bullish.
Overall, if the mentioned altcoins get momentum, then these assets could be the prime candidates for small breakouts, so investors should keep an eye out for potential gains. The crypto market is currently consolidating after a volatile period and a breakout could be imminent if it breaks out of the current range.
