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These eight altcoins offer the biggest buying opportunity, according to this indicator!
These eight altcoins offer the biggest buying opportunity, according to this indicator!
Santiment has revealed the altcoins with the lowest 30-day MVRV.
Author:
Elif Azra Güven
05.07.2024 – 20:39
Update:
11 hours ago
0
Bitcoin and altcoins have experienced significant declines, reaching levels not seen in months. While BTC drops below $54,000, altcoins are seeing double-digit declines.
As investors wonder if the declines are coming to an end, Santiment has stated that Bitcoin, Ethereum, and seven altcoins are nearing the bottom according to the MVRV ratio, presenting a buying opportunity.
Using the MVRV ratio in their analysis, Santiment has shared the altcoins with the lowest 30-day MVRV.
According to Santiment, the lower the 30-day MVRV of a token, the lower the risk of loss for investors who buy it. In other words, when purchasing altcoins with a low MVRV ratio, even if the price drops, the amount of loss will be less as the bottom is closer.
As such, Santiment has listed the tokens that currently have a low 30-day MVRV rate and offer a buying opportunity as follows: Dogecoin (DOGE), Uniswap (UNI), Litecoin (LTC), Ethereum (ETH), Chainlink (LINK), XRP, Cardano (ADA), Bitcoin (BTC), and Toncoin (TON).
“The lower the 30-day MVRV of a coin, the less risk there is in making new purchases or adding to a position.
The tokens that currently offer the most buying potential from lowest to highest are:
DOGE: -19.7% UNI: -16.3% LTC: -15.0% ETH: -13.2% LINK: -11.1% XRP: -10.1% ADA: -9.9% BTC: -9.6% TON: +4.0%”
The lower the 30-day MVRV of a coin is, the less risk there is in opening or adding to your position for a shorter-term timeframe.
In order of the trackable top caps seeing the least to most risk of dip buy potential right now:
DOGE: -19.7%
UNI: -16.3%
LTC: -15.0% …
pic.twitter.com/2TGDXuhpas
— Santiment (@santimentfeed)
July 5, 2024
What is the MVRV Ratio?
In essence, the MVRV ratio provides investors with a buying opportunity before a potential rise. If an altcoin has a low MVRV ratio, it can generally be seen as a potential buying opportunity, while a high MVRV ratio may indicate an overvalued price.
In MVRV ratio analysis, according to Santiment, the lower the MVRV value of a cryptocurrency, the more likely it is to experience a short-term jump.
Although this indicator signals a buying opportunity, it is important not to make investment decisions based solely on a single data or signal. These indicators provide helpful data but may have a margin of error and have never been proven to be 100% accurate.
Make your investment decisions based on your own research.
*This is not investment advice.
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