Copy link
Increase text size
Decrease text size
Link copied

Undervalued Cryptos: Shiba Inu, Dogecoin, and Cardano Set for Bullrun?

Shiba Inu, Dogecoin, and Cardano show potential for a bullish market rebound.

Thu, 20 Jun 2024, 01:26 am UTC

Santiment's latest analysis highlights that Shiba Inu, Dogecoin, and Cardano are undervalued, increasing the likelihood of a significant price rebound.

The most recent findings from Santiment indicate that the 30-day Market Value to Realized Value (MVRV) ratio revealed that a number of assets were undervalued.

Undervalued Cryptos Highlight Potential for Rebound

This implies that traders are holding assets at a loss, which historically signals that there is a greater probability of a price rebound because oversold conditions may draw purchasing activity. A lower MVRV ratio indicates that traders are holding assets at a loss.

According to the data that was provided by Santiment, Bitcoin (BTC) has an MVRV of -4%, Ethereum (ETH) has a -4.3% MVRV, and XRP has a -3.5% MVRV, all of which indicate that mild bullish conditions are present.

Dogecoin and Cardano Show Promising Signs

In the meantime, Dogecoin (DOGE) and Cardano (ADA) exhibit a more extreme undervaluation, with MVRVs of -16.7% and -12.6%, respectively. This indicates that there is a fairly bullish outlook for the possibility of a price rebound.

A MVRV of -0.6% was reported for Toncoin (TON), which has been experiencing a spectacular run over the past several weeks. The cryptocurrency continues to be rather neutral. For the most part, this statistic indicates that the market is in a state of equilibrium, with no clear indications of any immediate shift.

Shiba Inu's Extreme Undervaluation

It is interesting to note that the popular meme coin Shiba Inu (SHIB SHIB) has the lowest MVRV among these huge capped tokens, with a value of -19.1%.

This value also indicates that there is a chance for a strong bullish rebound.

Bitcoin's Quiet Phase Signals Maturity

Per CryptoPotato, despite an unsuccessful attempt to break $70,000, the price motion of Bitcoin has been somewhat quiet during the previous several weeks, in accordance with the overall market trend. According to experts, this "boring" movement shows that the biggest asset in the world has reached maturity.

There may be a bullish turnaround on the horizon, as the exchange supply of bitcoin is still close to its levels in December 2021.

According to earlier research, the current situation is similar to the beginning of past bull markets, which further supports the idea that BTC is ready for more rises, and the Bitcoin market cycle has not yet reached its peak euphoria stage.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

Back to top
Copyright ⓒ TokenPost. All Rights Reserved.