Altcoins
Crypto Market Enters Undervalued Region: Here Are the Altcoins to Watch
The crypto market has entered an undervalued region with market intelligence platform, Santiment, revealing three major altcoins to watch. Santiment’s analysis indicated the potential for outperformance of these three altcoins. Bitcoin (BTC)Ethereum (ETH) and XRP in this market cycle.
Cardano, Shiba Inu and Dogecoin are the Altcoins to watch
In an X (formerly Twitter) job On June 19, Santiment reported that the crypto market is currently undervalued, highlighting three popular cryptocurrencies: Cardano (ADA)Shiba Inu (SHIB) and Dogecoin (DOGE), showing very bullish potential.
According to Santiment Analysis, the Lower the 30 Day Timeframe of a Cryptocurrency Real Market Value (MVRV), the higher the short-term rebound potential. This essentially means that the cryptocurrencies with the highest undervaluation have a particularly strong potential for price increases.
Share a pricing table illustrating the MVRV ratio of Dogecoin and Cardano, Santiment revealed that “nearly all cryptocurrencies fall into the undervalued region according to average trader returns.” The market intelligence platform revealed that the average number of active Dogecoin wallets over the past 30 days decreased by 16.7%. While Cardano Average Active Wallets over the last 30 days, decreased by 12.6%.
Among the three aforementioned altcoins, Shiba Inu has the lowest average active portfolios, recording a significant decline of 19.1%. As mentioned earlier, cryptocurrencies with the lowest MVRV tend to indicate greater market rally potential. Therefore, Dogecoin, Shiba Inu and Cardano illustrate very bullish sentiments due to their high undervaluation.
Despite Santiment’s analysis, Dogecoin, Shiba Inu and Cardano are still on a strong downtrend as Market Volatility continues to weigh on Bitcoin and Ethereum. Dogecoin price fell 12.53% over the week and is currently trading at $0.000018. Similarly, Shiba Inu fell by 14.21% while Cardano saw a decline of 9.07% over the last seven days, according to CoinMarketCap.
Bitcoin, Ethereum and XRP show notable undervaluation
Compared to Cardano, Dogecoin, and Shiba Inu, Santiment’s analysis found that Bitcoin, Ethereum, and XRP are also struggling. significant undervaluation. Bitcoin has seen a 4% decrease in its average active BTC wallets over the past 30 days, while Ethereum and XRP decreased by 4.3% and 3.5%, respectively.
Santiment revealed that this slight undervaluation suggests a slight bullish stance for these cryptocurrencies. However, crypto analyst Ali Martinez shared a price chart in a Messagerevealing that Bitcoin’s Current MVRV was below the 1-year simple moving average (SMA), indicating potential for additional downtrends. At the time of writing, Bitcoin is trading at $65,764, reflecting a 2.38% decline over the past seven days, according to CoinMarketCap.
Santiment also added Toncoin to this is added, highlighting that the average number of active TON wallets over the last 30 days decreased by 0.6%. Being the cryptocurrency with the lowest undervaluation, Santiment suggested that The price of Toncoin shows neutral bullish sentiment, indicating that the cryptocurrency is trading close to its realized value.
Featured image created with Dall.E, chart from Tradingview.com