Shiba Inu, XRP Forming Bullish Divergence, Analytics Firm Reveals
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The on-chain analytics firm Santiment has revealed that Shiba Inu and XRP are experiencing a bullish divergence on the MVRV Z-Score. The MVRV Z-Score measures the deviation between the market value and realized value of an asset. A positive MVRV Z-Score indicates net unrealized profits, while a negative score suggests losses. Currently, Bitcoin, Ethereum, Dogecoin, and Toncoin are in the positive territory, enjoying profits. In contrast, XRP, Cardano, Shiba Inu, Chainlink, Polygon, and Uniswap are experiencing higher unrealized losses.
Santiment suggests that assets in the negative region could see a bullish outlook as fewer sellers remain. Shiba Inu and Uniswap exhibit the most significant deviation between market and realized cap. Santiment notes that historically, buying assets where traders have experienced the most pain increases the likelihood of high returns. Hence, according to the MVRV Z-Score, Shiba Inu may be offering an attractive buying window.
Shiba Inu's price has been trading sideways around $0.0000168 over the past month.
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