Summary
- Ethereum, Chainlink, and Cardano have entered a 'buying opportunity zone' based on the MVRV indicator.
- Over the past 30 days, the average returns of these assets each fell by more than -15%, increasing the likelihood of bottom buying.
- Santiment emphasized that the MVRV indicator can be used as a reference for price recovery but is not a definitive signal.
Ethereum (ETH), Chainlink (LINK), and Cardano (ADA) have entered a 'buying opportunity zone' based on the market value - realized value (MVRV) indicator.
On the 19th, according to virtual asset (cryptocurrency) specialized media The Daily Hodl, on-chain analytics firm Santiment said that as the 30-day active-wallet-based average trading returns have fallen significantly, these assets have entered a state of 'high probability of bottom buying' on the MVRV indicator.
Santiment explained that over the past 30 days Cardano's average return was -19.7%, Chainlink's was -16.8%, and Ethereum's was -15.4%, classifying all of them as 'buying opportunity zones'. Additionally, Bitcoin (BTC) and XRP were -11.5% and -10.2%, respectively, showing relatively milder corrections.
Santiment said that because MVRV reflects the average profit and loss status of short-term holders, lower returns can serve as a reference for gauging the likelihood of price recovery. However, it also noted that the indicator is not a definitive bottom signal and that volatility may widen depending on market conditions.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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