Leading crypto insights firm Santiment says four altcoins are showing signs of an imminent bounce after getting “hammered” in the market.
According to Santiment, metaverse altcoins Decentraland (MANA) and The Sandbox (SAND) along with Chiliz (CHZ) and Ren (REN), are in “opportunity zones” after the crypto market experienced big losses.
Santiment says the market-value-to-realized-value (MVRV) metric bodes well for the four crypto assets. The MVRV is the ratio of an asset’s market cap versus its realized capitalization, and is used to detect overbought or oversold conditions.
“Crypto market caps have flushed downward over the weekend and into Monday. Bitcoin and Ethereum are holding up somewhat, but altcoins have been hit particularly hard. Our model, though, indicates, that several projects are now at historical pain points where bounces occur.”
At time of writing, Decentraland is changing hands at $0.31, down from its December high of $0.42. The Sandbox is changing hands for $0.44, down from a monthly peak of $0.63.
Chiliz is trading for $0.11 at time of writing, down 35% from its monthly high while REN is trading for $0.068, down 32% on the month.
The analytics firm also uses MVRV analysis, this time on a 5-year time horizon, on Bitcoin (BTC). Santiment says the average investor over the last half decade is now down a historic 34%.
“The average active five-year trader has a return of -34%. Returns first went below 0% on June 9th.”
At time of writing, Bitcoin is changing hands at $16,814.
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Source: https://dailyhodl.com/2022/12/20/decentraland-the-sandbox-and-two-ethereum-based-altcoins-in-opportunity-zone-according-to-crypto-analytics-firm/