While the downward trend in Bitcoin generally impacts altcoins, some altcoins present buying opportunities after their decline.

At this point, Santiment noted that, according to on-chain data, most altcoin investors are experiencing losses and have suffered significant setbacks.

Using this data, Santiment identified the altcoins with the most bullish and bearish potential through the Market Value to Realized Value (MVRV) indicator.

Examining six altcoins—BAT, CHR, HIGH, ENS, OM, and RSR—Santiment cautioned investors about ENS, MANTRA (OM), and Reserve Rights (RSR), noting that these have historically entered a high-risk sales zone.

On the other hand, Santiment pointed out that three altcoins—BAT, CHR, and HIGH—are currently in a favorable buying zone.

“Based on the medium-term average return of each wallet across almost all altcoins, traders are facing significant losses.

The Market Value to Realized Value (MVRV) model indicates that BAT, CHR, and HIGH are at the mathematically appropriate entry points, while ENS, OM, and RSR are in the sell territory.” #AltcoinInvesting #Altcoins👀🚀 #Altcoinseason2024 #Cryptocurrencies #CryptoNewss