Will ADA, SHIB, and DOGE Break Records? Santiment Says Yes

Santiment analytics reveals that ADA, SHIB, and DOGE may soon experience very bullish action. The native tokens of Cardano, Shiba Inu, and Dogecoin could inexplicably rise.

Signs of Bullish Action

🐂 The lower a cryptocurrency's 30-day MVRV is, the higher the likelihood we see a short-term bounce:
Bitcoin: -4.0% (Mild Bullish)
Ethereum: -4.3% (Mild Bullish)
XRP: -3.5% (Mild Bullish)
Dogecoin: -16.7% (Very Bullish)
Toncoin: -0.6% (Neutral)
Cardano: -12.6% (Very Bullish) pic.twitter.com/zHGg4t3qo1
— Santiment (@santimentfeed) June 19, 2024

The crypto market shows signs of recovery from its recent brutal correction phase. According to Santiment on-chain analytics, three specific altcoins—Dogecoin (DOGE), Shiba Inu (SHIB), and Cardano (ADA)—could print god candles and smash through their previous all-time highs.

Santiment’s analysis, based on the recent 30-day MVRV of the top seven largest cryptocurrencies by market cap, identifies which cryptos are overvalued and undervalued. This metric suggests a bullish expectation for these altcoins during the ongoing crypto bull cycle.

Bitcoin Halving Cycle Insights

Meanwhile, Quinten, a reputed crypto investor, shares a bullish Bitcoin (BTC) price chart to revive overall market sentiment. He maps Bitcoin’s price action over the last three Bitcoin Halvings and draws parallels to the current cycle.

After the #Bitcoin halving in 2020 $BTC ranged 150 days in a boring price range between $9,000-$11,000
We are currently 60 days after the halving and people are deeply depressed about the price action
Every cycle again pic.twitter.com/x2gfIFEtMT
— Quinten | 048.eth (@QuintenFrancois) June 19, 2024

In 2020, following that cycle’s Bitcoin Halving event, BTC remained in a boring price range between $9,000 – $11,000 for 150 days. Quinten notes that we are only 60 days past the Bitcoin Halving event that took place earlier this year. He advises the crypto community not to be disheartened by the latest Bitcoin and crypto price dips.

Hold Strong Through the Dip

Quinten reminds traders and investors that this price pattern plays out every year. He urges the community to hold strong and wait out the dip for an epic price reversal.

The patterns from the previous Bitcoin Halving cycles indicate a significant price rise after an initial period of stagnation. Quinten’s analysis suggests that history is simply repeating itself. Therefore, the current market conditions should not worry investors.

In summary, both Santiment analytics and historical Bitcoin Halving patterns indicate a potentially explosive price spike for ADA, SHIB, and DOGE. The 30-day MVRV metric and Quinten’s analysis suggest that the crypto market is on the brink of a significant upswing. By holding strong and waiting out the dip, investors may see substantial gains in the near future.

Thus, as the crypto market shows signs of recovery, the community remains optimistic about the potential for a significant price reversal.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.