Exploring Undervalued Cryptocurrencies: MultiversX Highlights

Market Analysis of Undervalued Cryptocurrencies

In the current calm cryptocurrency market, identifying undervalued digital assets can unlock significant profit potential. A recent analysis by DBCrypto dated August 15, 2024, shines a spotlight on MultiversX, which appears undervalued based on the Market Cap per Daily Active Address (MCDAA) metric, alongside Avalanche, Polkadot, and Cardano.

MCDAA Comparison of Selected Cryptocurrencies

• Avalanche (AVAX): Market Cap $9.2 billion, Daily Active Addresses 35,000, MCDAA $262,000
• Polkadot (DOT): Market Cap $6.5 billion, Daily Active Addresses 4,000, MCDAA $1.6 million
• MultiversX (EGLD): Market Cap $740 million, Daily Active Addresses 20,000, MCDAA $37,000
• Cardano (ADA): Market Cap $15 billion, Daily Active Addresses 25,000, MCDAA $600,000

DBCrypto highlights MultiversX as notably undervalued with an MCDAA significantly lower than its peers. The low ratio indicates potential for growth opportunities as it attracts more active users.

Price Trend and Market Potential

In recent trends, MultiversX experienced a decline from approximately $28 to $25, showing a 9.6% drop, yet support at the $26.00 mark suggests buyers are stepping in. Resistance remains at $28, important for market recovery.

This analysis provides a compelling perspective on MultiversX as an asset poised for appreciation, contingent on user growth.