- The MVRV metric shows that most altcoins are underbought and presents a buying opportunity.
- However, a fresh leg down may push some of the coins into the danger zone.
- Along with the weak stocks, crypto prices have declined.
Total cryptocurrency market cap is down 1.7% at the time of writing as the broader crypto market suffers another bout of heavy losses.
Bitcoin price declined again below $21,700, while Ethereum was trading as low as $1,530 on Thursday, continuing weakness in the leading crypto asset. Thrown light on On 8 March.
Sentiment data signals “time to buy altcoins”
According to analysts at market intelligence firm Sentiment, the crypto market has seen “heavy bleeding” this week, with many altcoins flashing buy signals. Many altcoins suggest an underbought outlook as traders realize losses, firm notes do Posted early Thursday.
The market price to real value (MVRV) ratio is an indicator that indicates current price levels as a suitable buy zone. While prices may still decline, sentiment suggests that most altcoins are trending in an opportunity zone where prices are likely to move higher.
Notably though, the market could still see a new leg down, pushing some coins into the danger zone.
,If you have been waiting for the time to buy altcoins when there is blood in the streets, our MVRV model indicates that the time has come. Prices may of course drop further, but this is the most crypto asset in opportunity territory since early JanuarySentiment tweeted.
🤠📊 IF YOU ARE WAITING FOR TIME TO BUY #altcoins When there’s blood in the streets, our MVRV model tells us it’s time. Prices may of course fall further, but this is the most #crypto The property has been in the Opportunity Zones since early January. pic.twitter.com/LoM4ooiGUU
— Sentiment (@santimentfeed) March 9, 2023
as CoinJournal informed of Earlier this week, the downside turned more negative news This week’s economic remarks from Fed Chair Jerome Powell and around crypto bank Silvergate.
Notably, the Fed’s dovish outlook has got the market jittery and stocks were also down on Wednesday.