The cryptocurrency market does entered an underrated region with market intelligence platform Santiment, revealing the top three altcoins to watch out for. Santiment’s analysis showed the potential for these three altcoins to outperform Bitcoin (BTC)Ethereum (ETH) and XRP in this market cycle.
Cardano, Shiba Inu, and Dogecoin are altcoins worth watching
WX (formerly Twitter) post On June 19, Santiment indicated that the cryptocurrency market is currently undervalued, highlighting three popular cryptocurrencies, Cardano (ADA)Shiba Inu (SHIB) and Dogecoin (DOGE), showing very bullish potential.
According to Santiment’s analysis, the lower the cryptocurrency’s 30-day period Market Value to Real Value (MVRV), the greater the potential for a short-term rebound. Basically what this means is that cryptocurrencies with the highest undervaluation show particularly high potential for price increases.
Providing a price chart showing MVRV ratio of Dogecoin and CardanoSantiment revealed that “almost all cryptocurrencies are in the undervalued region according to average trader profits.” The market intelligence platform revealed that the average number of Dogecoin wallets that were energetic in the last 30 days decreased by 16.7%. One sec Cardano average energetic wallets they have decreased by 12.6% in the last 30 days.
Of the three altcoins mentioned above, Shiba Inu has the lowest energetic portfolio average, recording a significant decline of 19.1%. As mentioned earlier, cryptocurrencies with the lowest MVRV usually indicate greater market growth potential. Therefore, Dogecoin, Shiba Inu and Cardano illustrate very bullish sentiment due to their high undervaluation.
Despite Santiment’s analysis, Dogecoin, Shiba Inu, and Cardano are still in a significant downtrend as market volatility still weighs on Bitcoin and Ethereum. The price of Dogecoin has dropped by 12.53% over the week and is currently trading at $0.000018. Similarly, according to CoinMarketCap, Shiba Inu is down 14.21% while Cardano has seen a decline of 9.07% over the past seven days.
Bitcoin, Ethereum and XRP are significantly undervalued
Compared to Cardano, Dogecoin and Shiba Inu, Santiment analysis found that Bitcoin, Ethereum and XRP are also experiencing significant underestimation. Bitcoin has seen a 4% decline in the average number of energetic BTC wallets over the last 30 days Ether and XRP fell 4.3% and 3.5%, respectively.
Santiment revealed that this slight undervaluation suggests a delicate bullish position for these cryptocurrencies. However, cryptocurrency analyst Ali Martinez shared a price chart in an Post Xrevealing it Bitcoin’s current MVRV was below the one-year plain moving average (SMA), indicating the potential for further downtrends. According to CoinMarketCap, at the time of writing, Bitcoin is trading at $65,764, reflecting a decline of 2.38% over the last seven days.
Santiment has also been added Toncoin into the mix, highlighting that the average number of TON wallets energetic over the last 30 days has decreased by 0.6%. Santiment suggested this by being the lowest undervalued cryptocurrency Toncoin price shows neutral bullish sentiment, indicating that the cryptocurrency was trading close to realized value.
Featured image created with Dall.E, chart from Tradingview.com
