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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

Cardano, XRP Sentiment Plummets, Time To Be Greedy While Others Are Fearful?

Keshav Verma
Keshav Verma
2 years ago
3 mins read
Cardano

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Data shows the sentiment of XRP and Cardano investors has plummeted recently, but if history is anything to go by, this may be the time to become greedy.

XRP, Cardano, Bitcoin, And Ethereum All Show Negative Sentiments

As per data from the on-chain analytics firm Santiment, price bounces have become more likely during periods of such disbelief. The relevant indicator here is Santiment’s “weighted sentiment,” which, as its name already implies, measures the investor sentiment around a cryptocurrency.

The metric has two main components; the first is the “sentiment score,” which checks whether investors are talking positively or negatively about the given coin across social media platforms.

This indicator works by going through social text documents (things like tweets, Reddit threads, forum posts, etc.) and applying a machine learning algorithm to gauge the general sentiment.

The other component is the “social volume,” which measures the total number of social text documents currently discussing the cryptocurrency in question. For example, all social media posts that mention ADA or a synonym will contribute to Cardano’s social volume.

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The sentiment score is weighted by this social volume to obtain the “weighted sentiment” (hence the name). Here is a chart showing the trend in the weighted sentiments for four coins: Cardano, XRP, Bitcoin, and Ethereum.

XRP, Cardano Sentiment

Looks like the value of the metric has been negative for all these coins | Source: Santiment on Twitter

When the weighted sentiment has a large positive value for any asset, users talk a lot about the coin, and the mentions are generally positive. On the other hand, negative values suggest the conversation across social media is negative. The metric stays around the zero mark when the sentiment is neutral, or there is insufficient social volume.

As displayed in the above graph, Bitcoin, Ethereum, XRP, and Cardano all saw their sentiments plunge during the past couple of weeks as their prices have struggled. Now, the investors have become fearful.

Santiment notes, however, that according to the firm’s metrics, the probability of a bounce in the price increases when investors go through disbelief as they are right now.

There is an entire trading strategy based on this concept called contrarian investing. According to traders who follow this idea, the best times to buy are when investors are at their worst psychologically. Likewise, the most optimal buying windows are when the market has the most hype.

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Traders using the strategy trade opposite to the general market, hence the “contrarian” in the name. Warren Buffet’s famous quote also sums up the philosophy nicely: “be fearful when others are greedy, and greedy when others are fearful.”

As the sentiment around cryptocurrencies like Cardano and XRP has become overwhelmingly negative now, maybe it’s a sign that markets have hit a local bottom.

ADA Price

At the time of writing, Cardano is trading around $0.32, down 10% in the last week.

Cardano Price Chart

ADA has observed some decline recently | Source: ADAUSD on TradingView
Featured image from Michael Förtsch on Unsplash.com, charts from TradingView.com, Santiment.net
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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