- Low 30-day MVRV suggests potential bullish reversal for Bitcoin, Ethereum, XRP.
- Dogecoin and Cardano show strong bullish potential due to very low MVRVs.
- XRP’s approaching oversold conditions on the RSI indicate potential buying opportunities.
Key cryptocurrency metrics suggest a potential bullish reversal for Bitcoin, Ethereum, and certain altcoins, despite recent market volatility.
Data from Santiment, a top analytics firm, reveals that several major cryptocurrencies are exhibiting low 30-day Market Value to Realized Value (MVRV) ratios, a technical indicator that often precedes price increases.
The 30-day Market Value to Realized Value (MVRV), helps to understand the tendencies of short-term fluctuations in price. A lower 30-day MVRV increases the probability of a price bounce, and today’s charts present some coins that might be able to produce a bounce soon.
Santiment notes:
- Bitcoin with a 30-day MVRV of -4.0%, indicates a mildly bullish outlook
- Ethereum with a 30-day MVRV of -4.3%, shows a similar trend
- XRP with a 30-day MVRV of -3.5%, also falls into the mildly bullish category.
Dogecoin and Cardano stand out with significantly lower…
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