According to the analytics platform Santiment, 8 altcoins, including XRP, ADA and SHIB, may have approached the opportunity zone. Analysts expect these cryptos to quickly recoup 2022 losses from their current levels.
Santiment says recovery is imminent for these 8 altcoins
The analytics platform talked about the altcoin market’s MVRV Z score in a new tweet today. This metric is typically used to determine whether a cryptocurrency is significantly overvalued or undervalued. It is calculated by subtracting the actual value representing the current price of a crypto from its current market value and dividing the result by the Z-score, which is the calculated difference between the two values.
In the chart he provided, Santiment writes that current data shows that 8 altcoins can easily make up for price drops in 2022.
According to Santiment analysts, altcoin projects that offer an opportunity to recover in the MVRV Z metric are as follows:
- Ethereum (ETH)
- XRP
- Cardano (ADA)
- Polygon (MATIC)
- Shiba Inu (SHIB)
- Uniswap (UNI)
- Chainlink (LINK)
How close are cryptos to fulfilling expectations?
Note that XRP’s Santiment was the crypto pick of the month in January. The XRP choice was given because of the positive price action and increased whale accumulation activity. XRP in particular has gained more than 14% from its opening price in 2023. After an impressive rally on Friday, the 4-hour chart shows that the price failed to break the highs around $0.40. XRP bulls are currently looking to see this resistance turn into support.
Cardano (ADA)
Santiment has previously mentioned that the ADA is undervalued. The analytics platform shared an analysis stating that Cardano was low in December. In this process, ADA further strengthened expectations when it crossed the $0.30 price level earlier this month. It has also gained at least 28 new whales since the end of December.
Like XRP, the ADA price completed a rally to $0.37 last Friday. After this run, however, the price consolidated on the 4-hour chart and gained momentum on the downside. With the price testing the bottom of the range once again, we could see some short-term bearish momentum if it encounters resistance.
Shiba Inu (SHIB)
The popular meme token saw a dramatic price increase on the 4-hour chart on Wednesday, gaining 22% instantly. This week, Upbit listed Shiba against the Korean Won, and Cointree, one of Australia’s largest crypto exchanges, announced its decision to list it. Also, talk about the upcoming Shibarium beta launch is getting SHIB investors excited. cryptocoin.com We have included the details in this article.
After Wednesday’s price surge, SHIB remained in an uptrend on the 4-hour chart and refused to find support at the $0.00001110 price level. The bulls can now barricade hard at $0.00001139 to prevent the price from falling.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.