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On-chain analytics firm Santiment observes that several altcoins are in the "opportunity zone." This does not rule out the possibility of further falls; the crypto market was down 2% at the time of writing, but a recovery surge might happen.
"If you have been awaiting the time to buy altcoins when there is blood in the streets, our MVRV model indicates that this time has arrived. Prices can of course still fall further, but this is the most crypto assets have been in opportunity zones since early January," Santiment wrote.
🤠📊 If you have been awaiting the time to buy #altcoins when there is blood in the streets, our MVRV model indicates that this time has arrived. Prices can of course still fall further, but this is the most #crypto assets have been in opportunity zones since early January. pic.twitter.com/LoM4ooiGUU
— Santiment (@santimentfeed) March 9, 2023
Santiment's MVRV assesses the probability of future price movement based on the sentimental emotions surrounding an asset at any given time. Whereas assets in the "danger zone" are overvalued, those in the "opportunity zone" are undervalued.
Cardano and XRP appear in the opportunity zone, where prices are more likely to rise, on the chart published by Santiment.
XRP price action
XRP has been on a steady rise since March 6. The price increase was accentuated on March 7 following a ruling by Judge Torres to preclude expert testimony.
The rally gained further ground as investors considered the possibility that the resolution of the Ripple lawsuit might be closer.
XRP jumped to highs of $0.40 on March 8 before a slight retreat, although it is still trading in the green at press time. At the time of publication, XRP was up 2.3% in the last 24 hours at $0.394 and would be set to mark its fourth straight day of gains.
ADA price action
Cardano's ADA has been on a steady decline since Feb. 16 after reaching highs of $0.422.
A bearish crossover of the moving averages lends credence to the onslaught of the bears, but the good news remains the fact that the daily RSI is approaching oversold conditions.
This might suggest the likelihood of a relief rally in the short term. At the time of writing, ADA was down 2.57% at $0.3164.
Alex Dovbnya
