Market

This indicator shows that DOGE and ADA are undervalued

According to the Santiment MVRV indicator published by analyst Ali Martinez, top cryptocurrencies like Cardano (ADA) and Dogecoin (DOGE) appear to be “undervalued.”

ADA is trading at $1.18 at press time, while Dogecoin is trading at $0.157.

https://twitter.com/ali_charts/status/1491348264356294658?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

“Cardano hasn’t been this undervalued since the COVID incident in March 2020! MVRV 365D (which calculates the gain/loss of addresses that bought ADA in the last 365 days) shows that ADA holders are losing -26% on average.”

MVRV (Market to Real Value) is a ratio that cryptocurrency investors can use to determine whether the price of a particular asset is fair. MVRV is used to identify market highs and lows as a standalone metric. This indicator can be considered a success based on previous data as it correctly predicted the recent XRP price surge.

The lower the MVRV ratio, the more likely the price will increase, as this metric calculates the average profit/loss of previously purchased addresses.

For ADA, MVRV 365D – which measures the gain or loss of addresses that have bought ADA over the last 365 days shows that ADA holders lose -26% on average. Meanwhile, DOGE is in the “opportunity zone” as the indicator fluctuates at -36%.

Whales keep buying

Big holders, aka whales, have a reputation for using discount and consolidation periods to collect their favorite tokens at a discount.

According to WhaleStats data, Cardano is back in the top 10 best-selling tokens by BSC whales. This comes after a top BNB whale bought a whopping 5 million ADA.

Also recently, a BNB whale, ranked #75 on WhaleStats, added 8,999,983 DOGE or $1,471,326 to its portfolio.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.