- The altcoin industry has been on a downward trend in recent weeks.
- Despite an increase in on-chain whale activity, even the meme coin sector is contracting.
- Bitcoin’s price is retesting the lower boundary of a horizontal channel that began approximately four months ago.
Discover the top altcoin opportunities identified by Santiment amidst a bearish crypto market.
Altcoins Showing Promising Entry Points
Despite the overall bearish sentiment hovering in the crypto market, three altcoins—Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH)—have been identified by on-chain analytics platform Santiment as offering potentially good entry points for investors.
The Impact of Market Sentiments on Altcoins
As reported by sources, the recent mixed inflows into U.S. spot Bitcoin ETFs, along with the looming $9 billion BTC distribution by Mt.Gox, have fostered anxiety in the market. Additionally, the increased Bitcoin sales by the German government have added downward pressure on market morale. Subsequently, even though altcoins like BAT, CHR, and HIGH have been underperforming relative to Bitcoin, they are viewed as having promising entry points according to Santiment’s Mean Value to Realized Value (MVRV) model.
Basic Attention Token (BAT)
MVRV analysis places BAT in a historically good purchase zone. With a fully diluted valuation of around $283 million and an average daily trading volume of approximately $43 million, this small-cap altcoin remains 90% below its all-time high. Trading at around $0.189 on Wednesday, BAT has declined by 23% over the past four weeks, signaling potential upside in the long term.
Chromia (CHR)
Similarly, Chromia, developed by Swedish company Chromaway AB, is positioned in a favorable buying range. With a fully diluted valuation close to $195 million and a daily average trading volume of about $41 million, CHR has appreciated over 7% in the last week, trading at approximately $0.2377 on Wednesday. However, it remains over 83% below its all-time high, indicating a potential bounce-back opportunity.
Highstreet (HIGH)
Highstreet, with an FDV of around $178 million, has recently been highlighted by Santiment’s MVRV model as presenting one of the best buy opportunities. Investors should monitor this asset closely for possible gains.
Conclusion
In summary, despite the current bearish trends, the MVRV model suggests that Basic Attention Token, Chromia, and Highstreet offer attractive entry points. Investors navigating the tumultuous crypto landscape may find value in these altcoins, provided they operate with strategic caution and thorough market analysis.
