Santiment, an analytics firm, is highlighting probable entry chances for a half-dozen altcoins amid a general decline that has caused the crypto markets to fall back for a long time in January. The Platform writes in its weekly Insights newsletter that while most crypto investors are suffering, there are chances for individuals with patience and some spare cash.
The market value to realized value (MVRV) indicator, which shows the average profit/loss for currencies in circulation, is useful when looking for crypto bargains, according to the data business. Santiment uses the MVRV metric to identify six cryptocurrencies that could potentially bounce if traders experience pain.
Ripple(XRP)
The open-source digital currency XRP is one of the crypto assets on the list, with the analytics firm predicting a rally after a big decline. According to Santiment, Since late June, the divisive project’s average MVRV has been at its lowest point. It was last in positive territory in mid-December, making it a strong candidate for a price increase that would provide some respite to traders.
At the time of writing, XRP is trading at $0.599203 down by 2% in the last 24 hours. The key support levels are at $0.58 and $0.50 subsequently. However, if the action goes north, the resistance is at $0.65 and $0.70.
Uniswap(UNI)
According to the crypto insights firm, the decentralized exchange Uniswap (UNI) is,
“Uniswap’s average MVRV is at all-time negative MVRV levels. An uptick in the general crypto markets may go very well for a mostly respected altcoin like UNI.”
At the time of writing, UNI is trading at $10.39 down by 3.9% in the last 24 hours. The support on the downside is at $10.20 and the resistance is at $10.96. However, the token has shown minimal volatility.
The Graph(GRT)
Decentralized blockchain indexer The Graph (GRT) is also at MVRV lows, with Santiment noting that its average MVRV was last positive in late November.
At the time of writing, GRT is trading at $0.400278 down by 3.3% in the last 24 hours. It has traded in the range of $0.392452- $0.419593 through the day.
Compound (COMP)
Compound (COMP), a decentralized crypto lending and borrowing technology, according to Santiment is likewise at its lowest average MVRV level since late June, says the report.
At the time of writing, COMP is trading at $121.29 down by 3.1% in the last 24 hours. It has traded in the range of $117.72 to $125.62 through the day.
Loopring (LRC)
Loopring (LRC), a layer-2 ZK (zero-knowledge) rollup protocol, has some upside potential, according to the analytics firm. Santiment says, over the past week, Loopring has already had a great-sized bounce relative to the rest of the altcoin group, [but] it is still in a nice, deep negative average MVRV area.
At the time of writing, LRC is trading at $0.840105 down by 6.8% in the last 24 hours. It has traded in the range of $0.819338 to $0.909352 through the day.
Aave (AAVE)
Last but not least is Aave (AAVE), a lending and borrowing protocol that hasn’t experienced much favorable price motion in for than two months.
“AAVE is sitting at near all-time negative levels, which is great to see if you’re considering buying.”
At the time of writing, AAVE is trading at $150.18 down by 3.5% in the last 24 hours. The support on the downside is at $146.32 and the resistance is at $157.08 moving further.
Source: https://coinpedia.org/altcoin/next-opportunity-levels-for-xrp-uni-link-lrc-aave-comp-grt/