Some altcoin projects may have reached historical opportunity levels, according to data provided by on-chain analytics firm Santiment. One of them, Cardano (ADA), has reached a historically bullish point per 30-day MVRV divergence, according to Santiment analysts.
These altcoin projects are in the “historical buy” zone
According to MVRV Divergence, some cryptocurrencies have reached a historic “buy opportunity” zone, backed by on-chain and market data provided by Santiment . As the crypto market becomes more volatile, individual investors are more likely to follow general market patterns, which can result in some cryptocurrencies being overbought and others oversold.
30-day MVRV differential, Cardano’s ADA prices have traditionally increased indicates that it has reached a position. Cardano’s 30-day trading returns appear to have dropped below -15%, indicating oversold conditions. This information provided by Santiment is an MVRV threshold for ADA and many other cryptocurrencies, where the price has historically changed rapidly to mitigate increased losses in networks. Using
MVRV (Market Value to Realized Value), one can decide whether the price of a particular cryptocurrency is reasonable or unreasonable. Market tops and bottoms can only be predicted with MVRV. ADA, one of the altcoins featured by this indicator, failed to gain strong momentum despite a series of successful spikes and the Vasil hard fork planned for June…
Despite recent successes, ADA price continues its sideways movement
Recently, the Cardano (ADA) network has reached a number of important milestones, with the total number of ADA wallets reaching 3.2 million on April 19.
Cardano activity is at an all-time high with 400 new projects. Around 900 projects are currently under construction on the Cardano network. However, despite the progress made in network expansion, ADA still has not gained strong momentum. As we reported as Kriptokoin.com, Cardano’s price started to drop as soon as the news of Alonzo’s hard fork was announced in September 2021. ADA is currently trading at a 70% discount ATH price at $3.10.
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