Several Altcoins Have Slipped Into Their ‘Buy Zones’ During the Latest Crypto Market Dip, According to Santiment
A leading crypto analytics firm says that the latest crypto market dip has placed four altcoins in the ideal buying range.
According to Santiment, 1inch (1INCH), Loopring (LRC), Ren Protocol (REN) and The Sandbox (SAND) are all in “buy the dip” territory.
“After a continued weekend slide, several altcoins have now reached into historical buy the dip territory, according to our MVRV Opportunity & Danger Zone Model.
This indicates average trading returns are in the top 10% in terms of typical bottom areas.”
The market value to realized value (MVRV) metric is the ratio of an asset’s market capitalization to its realized capitalization. It indicates the average profit/loss for coins in circulation and is a useful metric for hunting crypto bargains. Last month, the market intelligence platform announced updates to its existing MVRV model to provide more accurate and up-to-date data for traders.
“Due to popular demand, we have rebuffed our MVRV Opportunity & Divergence model to update every hour, as opposed to every day by using our new Intraday MVRV metrics.
This will help keep you up to speed with the latest data on how close your favorite assets are to their next opportunity (or danger) zones.”
Despite Santiment’s call to buy, decentralized exchange platforms 1inch and Loopring are both down less than one percent over the last day, as is metaverse gaming altcoin The Sandbox. Decentralized finance protocol Ren has fared better, up 1.67% over the same period.
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Featured Image: Shutterstock/sdecoret/Dario Lo Presti
The post Several Altcoins Have Slipped Into Their ‘Buy Zones’ During the Latest Crypto Market Dip, According to Santiment appeared first on The Daily Hodl.
