- Bitcoin retests $60K after a brief surge, but market analysts remain bullish.
- Santiment identifies BAT, CHR, and HIGH as undervalued altcoins.
- The report suggests that investors may want to wait for a better time to invest in ENS, OM, and RSR.
The crypto market has endured weeks of bearish volatility, with Bitcoin (BTC) recently falling back to the $60,000 level after a brief rally to $63,000.
However, market watchers remain optimistic, encouraging investors to accumulate during this period of lower prices. Market intelligence platform Santiment reports that many altcoins are undervalued and poised for a rebound.
Santiment’s analysis of mid-term average returns across altcoin wallets reveals that traders are currently experiencing substantial losses. However, this indicator suggests that altcoins are in “prime opportunity zones,” as these losses are expected to normalize soon.
Santiment’s MVRV model also identifies Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH) as crypto assets currently in a historically attractive buying zone.
BAT is currently trading at $0.1888, a 24% decrease over the last 30 days and 90.18% below its 2021 all-time high of $1.92. Highstreet (HIGH), meanwhile, has declined over 76% in the past month to $1.79, a significant 95.5% below its all-time high of $40.
Conversely, CHR has risen 8% in the last 24 hours, with a current price of $0.2467, but still reflecting a 29.5% loss over the last 30 days.
Santiment’s report cautions that Ethereum Name Service (ENS), MANTRA (OM), and Reserve Rights (RSR) may not be ideal investments at this time, as they are in historically overvalued “sell zones.”
This observation is based on their recent bullish performance contrasting with the broader bearish market trend. For example, ENS has gained 12.6% in the last 30 days, while most other assets have experienced declines.
Meanwhile, Santiment’s report highlighted that investors may wait for a while before considering investments in crypto assets Ethereum Name Service (ENS), MANTRA (OM), and Reserve Rights (RSR) as they are in historically bad sell zones.
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