The
crypto
market
has

entered
an
undervalued
region

with
market
intelligence
platform,
Santiment,
revealing
three
major
altcoins
to
watch
out
for.
Santiment’s
analysis
has
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)

post

on
June
19,
Santiment
indicated
that
the
crypto
market
was
currently
undervalued,
noting
three
popular
cryptocurrencies,

Cardano
(ADA),
Shiba
Inu
(SHIB)
and
Dogecoin
(DOGE),
displaying
highly
bullish
potentials. 

According
to
Santiment’s
analysis,
the
lower
a
cryptocurrency’s
30-day

Market
Value
to
Real
Value
(MVRV),
the
higher
the
potential
for
a
short-term
rebound.
This
essentially
means
that
the

cryptocurrencies
with
the
highest
undervaluation

show
a
particularly
strong
potential
for
a
price
increase.

Sharing
a
price
chart
depicting
the

MVRV
ratio
of
Dogecoin
and
Cardano,
Santiment
disclosed
that
“almost
all
crypto
is
in
the
undervalued
region
according
to
average
trader
returns.”
The
market
intelligence
platform
revealed
that
the
average
Dogecoin
wallets
that
have
been
active
for
the
past
30
days
have
declined
by
16.7%.
While

 

Cardano’s
average
active
wallets

in
the
last
30
days
have
decreased
by
12.6%. 

Among
the
three
aforementioned
altcoins,

Shiba
Inu

holds
the
lowest
average
active
wallets,
recording
a
major
19.1%
decline.
As
mentioned
earlier,
the
cryptocurrencies
with
the
lowest
MVRV
tend
to
indicate
greater
potential
for
a
market
rally.
Hence,
Dogecoin,
Shiba
Inu
and
Cardano
are
illustrating
highly
bullish
sentiments
due
to
their
high
undervaluation. 

Despite
Santiment’s
analysis,
Dogecoin,
Shiba
Inu
and
Cardano
are
still
on
a
major
downward
trend
as

market
volatility

continues
to
weigh
down
on
both
Bitcoin
and
Ethereum.
The
price
of
Dogecoin
plummeted
by
12.53%
over
the
week
and
is
currently
trading
at
$0.000018.
Similarly,
Shiba
Inu
has
dropped
by
14.21%
while
Cardano
has
experienced
a
9.07%
decrease
over
the
past
seven
days,
according
to
CoinMarketCap. 

Bitcoin,
Ethereum,
And
XRP
Show
Notable
Undervaluation

Compared
to
Cardano,
Dogecoin
and
Shiba
Inu,
Santiment’s
analysis
has
disclosed
that
Bitcoin,
Ethereum,
and
XRP
are
also
experiencing

significant
undervaluation.
Bitcoin
has
witnessed
a
4%
decrease
in
its
average
active
BTC
wallets
in
the
past
30
days,
while

Ethereum

and
XRP
have
declined
by
4.3%
and
3.5%
respectively. 

Santiment
disclosed
that
this
slight
undervaluation
suggests
a
mild
bullish
position
for
these
cryptocurrencies.
However,
crypto
analyst,
Ali
Martinez,
shared
a
price
chart
in
an

 

X
post,
disclosing
that

Bitcoin’s
present
MVRV

was
below
the
1-year
Simple
Moving
Average
(SMA),
indicating
a
potential
for
more
downtrends.
As
of
writing,
Bitcoin
is
trading
at
$65,764,
reflecting
a
2.38%
decrease
over
the
past
seven
days,
according
to
CoinMarketCap. 

Santiment
also
added

Toncoin

to
the
mix,
highlighting
that
the
average
TON
wallets
active
in
the
past
30
days
have
decreased
by
0.6%.
Being
the
cryptocurrency
with
the
lowest
undervaluation,
Santiment
suggested
that

Toncoin’s
price

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

Go to Source
Author: Scott Matherson

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