Cardano’s ADA shows a sign of being undervalued, according to data from Santiment
The Sentiment Analytics team tweeted that the ADA token has reached its lowest relative position in relation to the actual value of the token since the beginning of 2019. This means that the price may now double, as ADA is undervalued.
MVRV Z-Score reaches a significant level
The tweet stresses that this is “a sign of undervaluation based on average trader loss”. Now, ADA’s MVRV Z-Score has reached -1.35 for the first time in 45 months, that is, since January 2019.
After reaching this level last time, the price of the coins increased by 2 times over the next three months.
Community remains bullish on ADA
Two days ago, Santiment tweeted that the crypto community remains bullish on several coins, including ADA, XRP, Bitcoin and BNB.
To measure this social sentiment, the Sentiment team analyzed multiple posts on Twitter and other social media platforms. Therefore, these metrics remain bullish for ADA and XRP, despite the recent bearish reversal in the price of these coins.
At the time of this writing, Cardano’s ADA is changing hands at $0.3493, showing a rise by 4.22 percent in the past 24 hours.
