Market sentiment is one of the best ways to determine the overall direction that the market will take. That’s because it gives you an idea of what investors think of the market at that particular point in time. On this basis, let’s go through the sentiment of IOTA (MIOTA), Ethereum and Bitcoin, to get a clearer picture of what to expect in the coming week.
Bitcoin is the market leader in crypto, and its direction is pretty much the direction for the entire market. Looking at Bitcoin’s sentiment in different forums for the last 24 hours, around 74% of investors are positive about it. That’s an indicator that most investors expect bitcoin to perform well in coming days. This sentiment is mainly driven by the fact that bitcoin has dropped significantly in the last one week, and most investors are taking advantage of these lows to make buy entries. For someone looking to buy into bitcoin, this is the best time to watch out for the support levels. If support holds, a buy entry can yield good results in the next 24 hours, pushed by an increase in buying pressure.
In the last 24 hours, IOTA (MIOTA) has had about 21 mentions on major crypto forums. Out of these, 81% of them are positive. That’s an indicator that more investors are bullish on IOTA (MIOTA) at the moment than they are on bitcoin. From a fundamentals perspective, this is possibly driven by last week’s partnership with Volkswagen, even as the market slumped. That partnership came just a few days after the IOTA team released details of project Qubic, IOTA (MIOTA’s smart contracts platform. As such, investors expect IOTA (MIOTA) to lead the recovery this week, now that the market wide drop of last week appears to have subsided. It is also driven by the fact that IOTA (MIOTA) lost a good chunk of its value last week, and investors are operating on the assumption that if it breaks upwards, this crypto could offer a way higher return that most of the rest of the market. To invest in IOTA (MIOTA) in the next 24 hours, it is best to watch to out for the volumes. If buying volumes rise, it would be a perfect setup for a long-entry.
The sentiment around Ethereum (ETH) in the last 24 hours is largely positive, with 73% positive mentions in different online forums. That’s an indicator that investors expect Ethereum to perform well this week. Ethereum’s positive sentiment is mainly driven by technical analysis. In the last 24 hours, Ethereum (ETH) has broken above the psychological $500 mark twice. Investors expect it to sustain above this price level for at least 24 hours. For someone looking to invest in Ethereum in the next 24 hours, this looks like a good time to buy-in. The only thing you need to watch are the volumes. If the volumes increase, chances are that Ethereum will sustain above $500 all through the week.