Leading analytics firm Santiment says an on-chain metric has come at an affordable price point for these altcoin bulls. The firm also announced that the altcoin projects it has examined are on the whales’ radar. As Kriptokoin.com, we are relaying Santiment’s data and details…
The critical metric gives a bullish signal for this altcoin
Crypto analytics firm Santiment radar, Cardano (ADA)’s realized market value (MVRV) translates. The MRVR is an on-chain metric that shows the average profit or loss of all cryptocurrencies in circulation at a given price and is used to predict price reversals. Santiment says Cardano’s MVRV has historically been at a bullish milestone for ADA, adding:
Cardano’s average trading returns in the 30-day mid-term range fell below 15 percent. This is historically a level of MVRV when ADA and many other altcoins have experienced at least a brief reversal in price to mitigate losses on the networks.
Crypto analytics firm states that while ADA is recovering, it is at the mercy of the cryptocurrency market for now.
Whale trading increases, a sign of accumulation
However, Santiment says that crypto markets may need to raise the correlation by the Federal Open Market Committee (FOMC) meeting next month.
Cryptocurrency markets are firmly entrenched in the same price patterns as the SP500 and equity markets. This is a trend that could continue until the next FOMC meeting in May. The Fed recently announced that a half-point rate hike is likely.
Examining the leading cryptocurrency Bitcoin, Santiment states that fluctuations in stablecoin transactions or transfers above $100,000 precede local highs and lows for BTC. Santiment announced that it has been closely watching the rise of whale activity in stablecoin TrueUSD (TUSD), with deep-pocketed investors accumulating BTC:
TrueUSD, the 6th largest stablecoin in the crypto market, is seeing an increase in whale transactions today. Historically, increases in whale transactions have been seen as a sign of accumulation.
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