Altcoins
The cryptocurrency market enters an undervalued region: here are the altcoins to watch
The cryptocurrency market has has entered an undervalued region with market intelligence platform, Santiment, revealing three major altcoins to watch out for. Santiment’s analysis 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 watch
In an X (formerly Twitter) send On June 19, Santiment indicated that the cryptocurrency market is currently undervalued, highlighting three popular cryptocurrencies, Cardan (ADA)Shiba Inu (SHIB) and Dogecoin (DOGE), showing highly bullish potential.
According to Santiment analysis, the lower the 30 days of a cryptocurrency Real Market Value (MVRV), the greater the potential for a short-term recovery. This essentially means that the cryptocurrencies with the highest undervaluation show particularly strong price increase potential.
Sharing a price chart depicting the Dogecoin and Cardano MVRV Report, Santiment revealed that “almost all cryptocurrencies are in the undervalued region according to average trader returns.” The market intelligence platform revealed that the average active Dogecoin wallets over the last 30 days decreased by 16.7%. While Cardano Medium Active Portfolios in the last 30 days they have decreased by 12.6%.
Among the three altcoins mentioned above, Shiba Inu holds the lowest average active portfolios, recording a notable decline of 19.1%. As mentioned above, cryptocurrencies with the lowest MVRV tend to indicate greater potential for a market rally. Therefore, Dogecoin, Shiba Inu, and Cardano are illustrating highly bullish sentiments due to their high undervaluation.
Despite the analysis of Santiment, Dogecoin, Shiba Inu and Cardano are still in strong downward trend market volatility continues to weigh on both Bitcoin and Ethereum. Dogecoin price dropped by 12.53% over the week and is currently trading at $0.000018. Similarly, according to CoinMarketCap, Shiba Inu is down 14.21% while Cardano has seen a decline of 9.07% over the past seven days.
Bitcoin, Ethereum and XRP show significant undervaluation
Compared to Cardano, Dogecoin and Shiba Inu, Santiment analysis revealed that Bitcoin, Ethereum and XRP are also experimenting significant underestimation. Bitcoin has witnessed a 4% decrease in the average of its active BTC wallets over the last 30 days Ethereum and XRP fell 4.3% and 3.5%, respectively.
Santiment revealed that this slight undervaluation suggests a slightly bullish stance for these cryptocurrencies. However, crypto analyst Ali Martinez shared a price chart in a X postrevealing it Bitcoin’s current MVRV it was below the 1-year simple moving average (SMA), indicating potential for further downtrends. Bitcoin is currently trading at $65,764, reflecting a 2.38% decline over the past seven days, according to CoinMarketCap.
Also added Santiment Toncoin to the mix, highlighting that the average of active TON portfolios in the last 30 days has decreased by 0.6%. As the cryptocurrency with the lowest undervaluation, Santiment suggested this The price of Toncoin is showing neutral bullish sentiment, indicating that the cryptocurrency was trading close to its realized value.
Featured image created with Dall.E, chart from Tradingview.com