Santiment Analysis Highlights Undervalued Shiba Inu, Dogecoin, and Cardano, 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

Highlighting the latest analysis from Santiment, it’s shown that Shiba Inu, Dogecoin, and Cardano are presenting themselves as undervalued, increasing the probability for a large price rebound.

The latest findings from Santiment showed that the 30-day Market Value to Realized Value (MVRV) ratio showed that several assets were presenting themselves as undervalued.

Undervalued Cryptos Highlight Potential For Rebound

This goes to show that traders are holding assets at a loss, which has historically signaled that there is a greater chance for a price rebound, as the oversold conditions may be attracting buying activity. A lower MVRV ratio shows that traders are, on average, holding assets at a loss.

The data, provided by Santiment, showed that Bitcoin (BTC) has an MVRV of -4%, Ethereum (ETH) has a -4.3% MVRV, and XRP has a -3.5% MVRV, indicating that there is a mild bullishness present.

Dogecoin, Cardano Showing More Promise

Meanwhile, Dogecoin (DOGE) and Cardano (ADA) are showing a more extreme undervaluation, with MVRVs of -16.7% and -12.6%, respectively, which shows that there is a fair bit of bullishness to the possibility of a price rebound.

Toncoin (TON), which has been having a spectacular run in the last few weeks, had an MVRV of -0.6%. The cryptocurrency still showed a neutral presence. For the most part, this metric showed that the market was in a state of equilibrium, with no clear indication of any immediate movement.

Shiba Inu Showing Extreme Undervaluation

Interestingly, the popular meme coin Shiba Inu (SHIB SHIB) had the lowest MVRV among these large capped tokens, at -19.1%.

This value also showed that there was a possibility for a strong bullish rebound.

Bitcoin’s Quiet Phase Signaling Maturity

As previously reported by CryptoPotato, despite a failed attempt to crack $70,000, Bitcoin’s price action has been rather quiet in the past few weeks, in line with the overall market trend. According to one analysis, this “boring” movement showed that the world’s leading asset is displaying signs of maturity.

As the exchange supply of the primary cryptocurrency is still close to its levels in December 2021, a bullish turn of events may be on the horizon.

According to a previous analysis, the present situation is akin to the beginning of past bull markets, further adding credence to the idea that BTC is due for more gains, and the Bitcoin market cycle is yet to reach peak euphoria.

News source：https://www.kdj.com/cryptocurrencies-news/articles/santiment-analysis-highlights-undervalued-shiba-inu-dogecoin-cardano-increasing-likelihood-price-rebound.html

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