Dear Friends,
While we witness the continuous fall off in the global crypto markets, the notable Santiment- the market intelligence platform with on-chain & social metrics has come up with an interesting analysis in its X- page which states the following:
According to the MVRV-Z Score the Overbought Coins are: Toncoin, Bitcoin and Ethereum.
The underbought coins are: Uniswap, Shiba Inu.
The MVRV (Market Value Realty Value) Z-score is a cryptocurrency metric used to measure an asset's market value in relation to its real-value.
It calculates the difference between an asset's market price and its estimated real-value, expressed as a standard deviation from the mean.
A Z-score above 1.96 indicates the market price is significantly higher than the real-value, while a score below -1.96 suggests the market price is lower. MVRV Z-score can be used to identify overvalued or undervalued cryptocurrencies, helping investors make informed investment decisions.
Okay, let's take the prices of the above mentioned coins.
With the overbought mentioned coins, currently Toncoin is ranked at 8th and is trading at $ 7.69 while the other market leaders BTC trades at $ 60733 and ETH trades at $ 3361. ETH is everyone's focus as its ETFs was recently been approved and likely to trade in the market by soon. But, yesterday SEC has returned few papers for correction, makes the ETH ETFs would be delayed to trade.
In the underbought mentioned coins, the popular decentralised trading protocol - Uniswap, currently ranked at 22 and trades at $8.87; The much known and famous meme coin SHIBA Inu is currently ranked at 13 and is trading at $ 0.00001674.
Overbought is a term used when a crypto-coin is believed to be trading at a level above its fair value. The term- Overbought, generally describes recent or short-term movement in the price of the security, and reflects an expectation that the market will correct the price in the near future.
Underbought refers to a situation where the demand for a particular crypto-coin is significantly lower than its true market value or potential. This term is often used to describe assets that are trading at a discount or have unrealized potential.
So make the most of the situation friends and watch out for this crypto-coins!
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