According to the crypto analytics platform, there is still a chance these assets can make up for 2022 losses.
Santiment Feed has tapped XRP, ADA, and SHIB as undervalued.
The crypto analytics platform made this known in a tweet today, citing the MVRV Z-score. Notably, the metric is usually used to identify when a crypto asset is extremely over or undervalued. It is done by deducting the asset’s realized value which represents the price of each token when it was last moved from the present market value, and dividing the result by the Z-score, a measured deviation between both values.
In the shared chart, Santiment writes that the current data indicates that these assets could easily compensate for 2022 price declines.
📊 According to MVRV Z-Score, which identifies overvalued and undervalued assets based on short & long term returns, top caps are in the following categories:
— Santiment (@santimentfeed) January 20, 2023
Short-Term Price Analysis
XRP, ADA, and SHIB are up 0.86%, 1.07%, and 2.07%, respectively, in the last 24 hours at press time.
It is worth noting that XRP was Santiment Feed’s crypto pick of the month for January. The crypto analytics platform made the call, citing potentially bullish price action and unabated whale accumulation. Notably, the asset is up over 14% from its 2023 opening price.
Following an impressive rally last Friday, the 4-hour price chart shows that the price has been ranging while failing to break the highs around the $0.40 price point. XRP bulls would want to see the asset flip this resistance to support. It is trading at the $0.3887 price point at press time.
It is not the first time that Santiment has suggested that ADA is in undervalued territory. Notably, as reported in December, the crypto analytics platform shared an analysis indicating that the Cardano native token was undervalued. As previously reported, ADA broke its months-long downtrend earlier this month as it flipped the $0.30 price point. At least 28 new whales have appeared on the network since the end of December.
Like XRP, ADA also enjoyed an impressive rally last Friday that saw its price briefly tap the $0.37 price point. However, following this run, the price has consolidated per data from the 4-hour chart and has broken the range to the downside. With price testing the bottom of the range again, we could see downward momentum in the short term if it finds resistance. The asset is exchanging hands for $0.3355 at the time of writing.
It is worth noting that Shiba Inu enjoyed a stunning 4-hour price pump Wednesday that saw the token instantly print 22% price gains. The token this week has seen a listing against the Korean Won by Upbit and has been listed on Cointree, a top Australian crypto exchange. In addition, talks of the imminent Shibarium beta launch have seen the SHIB Army alive with buzz.
Following Wednesday’s price pump, SHIB declined to find support at the $0.00001110 price point, maintaining a 4-hour chart uptrend. Currently, at the $0.000011139 price point, bulls need to step in to ensure that the price does not start to step down.