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Buy low, sell high: 5 coins with bullish sentiment after price drops

In this week’s sentiment analysis, Remy Stephens explores five cryptocurrencies with buy low, sell high potential – charting positive sentiment even after price drops.

Written by Remy Stephens Published on

It’s been a rough few weeks for a lot of the market. Hell, we’re nearing the point where it’s been a rough few months for crypto in general.

If you’ve been following my analysis, you know that sentiment on the market, and $BTC in particular, hasn’t exactly been great even with this week’s somewhat bullish action. But down markets can be good for finding coins and tokens that have strong support despite stiff price drops.

So this week, I’m back with another edition of Buy Low, Sell High (BLSH).  I tweaked my traditional analysis of the social media of 135 crypto traders and influencers  to only include coins that were both in the top 50% of sentiment and also had price drops in the last two weeks.

Does this mean the market will turn on a dime for these coins tomorrow? Hardly. But what it does show is a group of coins that maintain abundant support despite brutal market conditions, which is no small feat. Of the 194 coins I tracked last week, only 5 fit this profile.

The charts below show the sentiment ranking of the coin, social stats and, where available, a recent history of power ratings, which is my formula combining sentiment, volume and unique mentions to determine a coin’s current market strength.

Note: Coins that were mentioned less than 3 times by less than two influencers were excluded.

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Methodology

Each week, I scrape the Twitter accounts of some of the crypto world’s favorite influencers, traders and TA folk. I run a sentiment analysis to see which coins they are mentioning positively, neutrally and which they are mentioning in a negative light.

I also take in data on unique influencers, retweets, favorites, volume and strength of feeling in sentiment.

I calculate power by through a weighted formula that takes into consideration volume, number of unique influencers and sentiment. The higher the score, the better, the lower the worse. For this analysis, though, I’m strictly using the sentiment data and pitting it against 7-day BTC price data from CoinMarketCap.com. Only coins with at least 3 influencers mentioning them were considered. 

This isn’t financial advice, just my own way of trying to make sense of what’s out there. And as with most things, the more data I collect, hopefully, the more interesting it’ll be. This is a work in progress. Please leave suggestions on how to make it better. I imagine if I keep up with it, I’ll be able to expand a bunch of the analysis, but I wanted to start somewhere.

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Remy Stephens is a longtime data journalist from the U.S. who became mildly obsessed with cryptocurrency in 2017. More of his sentiment analysis can be found on Steemit. @FomoCryptoDojo

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