MVRV Z-Score Suggests Shiba Inu (SHIB) Has Been Undervalued Recently

In a new post on X, Santiment has discussed how some of the top cryptocurrencies are looking like right now on their MVRV Z-Score.

On-chain analytics firm Santiment reveals Shiba Inu has been underbought recently, while Bitcoin is overbought, based on the MVRV Z-Score metric.

Shiba Inu (SHIB) has recently been trading at an MVRV Z-Score of -1.55, indicating that the asset is currently undervalued. This is also evident from the fact that SHIB's price has been consolidating below a key resistance level for the past few weeks.

On the other hand, Bitcoin (BTC) is currently trading at an MVRZ Z-Score of 1.1, suggesting that the asset may be overbought. This is also supported by the fact that BTC's price has been rallying strongly in recent weeks.

Overall, the MVRV Z-Score metric can be used to identify assets that are potentially undervalued or overvalued. However, it is important to note that this metric is not always accurate and should be used in conjunction with other on-chain and technical analysis indicators.

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