According to the analyst, the token’s MVRV ratio assessed over the 30-day moving average returned a negative value of -11.6%.This metric tracks the ratio between an asset’s current market price and the average price of every coin or token acquired for that asset.
On the other hand, a negative MVRV value shows that the asset in question is undervalued. It suggests that its market value is below the average purchase price of all its tokens in circulation. According to Martinez, a double-digit rally might be in the books for the leading coin as its MVRV ratio now sits under the critical -9% mark.Readings from the coin’s movements on a daily chart revealed that it broke below support on 30th April, signaling that the bears were in control.
The indicator measures the relationship between the strength of an asset’s buyers and sellers. When its value is negative, bear power dominates the market.
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Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »