The total market value, which approached 3 trillion dollars in November, decreased to 1.6 trillion dollars with the corrective price movements of December and January. Almost the entire altcoin market, including Bitcoin, has lost more than half its value from ATH prices. Whether the current levels are the bottom or not will be revealed in time. Publishing market analyzes on the basis of the MVRV Conflict, Santiment explains why Ripple and 5 altcoin projects are in the opportunity zone. cryptocoin.com We convey the details as…
Santiment: Ripple (XRP), 1INCH, AAVE, CEL, GRT and UNI enter opportunity zone
The data provided by Santiment shows that Ripple (XRP), Aave (AAVE) and 3 altcoin projects are approaching the opportunity zone on the basis of the MVRV Dispute. According to the metrics below, during high volatility in the cryptocurrency market, individual investors over-bought some altcoins while others are under-bought. As the data shows, XRP is currently one of the least bought cryptocurrencies in the market at the 1-day MVRV divergence. According to market data and the redistribution of funds, XRP is getting the lowest entry volume.
The 1inch Network (1INCH) token is among the “underbought” leaders with a large one-day difference in MVRV. While the majority of the altcoin market remains underbought, there are some positions in the market such as Phantom that could be considered slightly overbought in the six-month MVRV differential or just in the long run.
What is MVRV deviation?
Santiment’s graph calculates how far each coin is from its normal state. Each MVRV timeframe is aggregated to measure the percentage distance that allows to understand whether the respective altcoin is overbought or undersold. The MVRV or “Realized Value to Market Value” is the ratio that allows crypto traders to understand whether the price is fair or not. As a standalone metric, MVRV is used to identify market highs and lows. According to historical data, the indicator can be considered successful, as it accurately predicts almost every top and bottom that appears in the market.
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