Santiment points to three promising altcoins for purchase
According to experts, the coins are currently underbought
04.04.2023 - 13:30
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The material is not an investment recommendation and is published for information purposes only.
What’s new? On April 4, experts at analytics company Santiment reported that according to the MVRV (the market value to realized value of the asset) model, many altcoins on the market look underbought. This market condition is indicative of excessive asset price declines. In particular, this applies to MELON, AST, and UTK coins.
📊 #Crypto assets have been scattered throughout wide profit and loss ranges throughout the past four weeks, which is highly unusual. Our MVRV model indicates that #altcoins are beginning to look mainly underbought based on large trader losses. Particularly $MELON, $AST, & $UTK. pic.twitter.com/yHZEwqixL4 — Santiment (@santimentfeed) April 4, 2023
What else is known? According to Santiment, crypto assets have been spread over a wide range of losses and gains over the past four weeks, which is unusual for the market. Against the backdrop of large losses for traders, the MVRV model shows that altcoins are mostly showing signs of being underbought.
MELON is the token of MuskMelon, an entertainment, trading, and staking NFT platform. Its value has risen by 0,9% in 24 hours to $0,000000889092, according to aggregator CoinGecko as of 13:15 UTC.
AST is the token of the decentralized exchange (DEX) AriSwap, which is trading at $0,124347 (-0,5%).
UTK is the token of Utrust, a cryptocurrency payment platform for businesses and consumers. It is trading at $0,10246 (+0,8%).
Earlier, representatives of crypto exchange Coinbase noted that investors have recently focused on stablecoins and large-cap cryptocurrencies. Experts attributed this to the uncertain status of altcoins and increased interest in them from regulators.
Analyst Benjamin Cowen: Ethereum is not ready for a bull market
The expert noted that concern around the resistance level of $1800 could lead to a drop in the value of the altcoin
On March 15, analysts at Santiment recorded rapid growth of the BTC network since the beginning of the year, despite the volatility of the cryptocurrency market. The total number of bitcoin addresses has grown by 1,71 million (3,95%) since mid-January, reaching 45,14 million.
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