2024-6-21 05:00 |
The crypto market has entered an undervalued region with market intelligence platform, Santiment, revealing three major altcoins to watch out for. Santiment’s analysis has indicated the potential for these three altcoins to outperform Bitcoin (BTC), Ethereum (ETH) and XRP in this market cycle.
Cardano, Shiba Inu, and Dogecoin Are The Altcoins To WatchIn an X (formerly Twitter) post on June 19, Santiment indicated that the crypto market was currently undervalued, noting three popular cryptocurrencies, Cardano (ADA), Shiba Inu (SHIB) and Dogecoin (DOGE), displaying highly bullish potentials.
According to Santiment’s analysis, the lower a cryptocurrency’s 30-day Market Value to Real Value (MVRV), the higher the potential for a short-term rebound. This essentially means that the cryptocurrencies with the highest undervaluation show a particularly strong potential for a price increase.
Sharing a price chart depicting the MVRV ratio of Dogecoin and Cardano, Santiment disclosed that “almost all crypto is in the undervalued region according to average trader returns.” The market intelligence platform revealed that the average Dogecoin wallets that have been active for the past 30 days have declined by 16.7%. While Cardano’s average active wallets in the last 30 days have decreased by 12.6%.
Among the three aforementioned altcoins, Shiba Inu holds the lowest average active wallets, recording a major 19.1% decline. As mentioned earlier, the cryptocurrencies with the lowest MVRV tend to indicate greater potential for a market rally. Hence, Dogecoin, Shiba Inu and Cardano are illustrating highly bullish sentiments due to their high undervaluation.
Despite Santiment’s analysis, Dogecoin, Shiba Inu and Cardano are still on a major downward trend as market volatility continues to weigh down on both Bitcoin and Ethereum. The price of Dogecoin plummeted by 12.53% over the week and is currently trading at $0.000018. Similarly, Shiba Inu has dropped by 14.21% while Cardano has experienced a 9.07% decrease over the past seven days, according to CoinMarketCap.
Bitcoin, Ethereum, And XRP Show Notable UndervaluationCompared to Cardano, Dogecoin and Shiba Inu, Santiment’s analysis has disclosed that Bitcoin, Ethereum, and XRP are also experiencing significant undervaluation. Bitcoin has witnessed a 4% decrease in its average active BTC wallets in the past 30 days, while Ethereum and XRP have declined by 4.3% and 3.5% respectively.
Santiment disclosed that this slight undervaluation suggests a mild bullish position for these cryptocurrencies. However, crypto analyst, Ali Martinez, shared a price chart in an X post, disclosing that Bitcoin’s present MVRV was below the 1-year Simple Moving Average (SMA), indicating a potential for more downtrends. As of writing, Bitcoin is trading at $65,764, reflecting a 2.38% decrease over the past seven days, according to CoinMarketCap.
Santiment also added Toncoin to the mix, highlighting that the average TON wallets active in the past 30 days have decreased by 0.6%. Being the cryptocurrency with the lowest undervaluation, Santiment suggested that Toncoin’s price is showing neutral bullish sentiment, indicating that the cryptocurrency was trading close to its realized value.
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