MVRV Z-Score Signals Potential Buying Opportunities for Uniswap and Shiba Inu

• TON, BTC, and ETH are overbought, while UNI and SHIB are oversold.
• Large-cap token conditions were established by the MVRV Z-Score indicator.
• SHIB community members are excited over memecoin’s oversold condition.

Santiment, a crypto market analysis platform utilizing social and on-chain metrics, has assessed some top cryptocurrencies using its MVRV Z-Score indicator. The analysis reveals that Toncoin, Bitcoin, and Ethereum are currently overbought, while Uniswap and Shiba Inu are oversold.

According to Santiment, the MVRV Z-Score identifies overvalued and undervalued assets based on average trader returns. The listed cryptocurrencies represent some of the top-cap coins monitored by the platform. Notably, Santiment’s MVRV Z-Score readings were taken with Bitcoin priced at $60,300.

Santiment’s post about the status of these coins has generated excitement among crypto users, particularly within the communities of the altcoins deemed overbought. A Shiba Inu supporter responding to the post emphasized that SHIB, the flagship memecoin’s token, still has significant upside potential.

At the time of writing, SHIB traded at $0.00001698, representing a 63% decline from its yearly high of $0.00004575 in March, according to TradingView data . The memecoin’s pullback has followed a classic downtrend, consistently establishing lower highs and lower lows.

Similarly, Uniswap’s native token, UNI, has retreated from its yearly high in March. However, UNI’s pullback trajectory has differed. The decentralized exchange’s token rebounded from a $5.905 low in April after a 65% pullback from its $17.033 yearly high. UNI then rallied to $12.06 earlier this month before retracing to its current price of $8.947, according to TradingView data .

SHIB and UNI are the two large-cap cryptocurrencies identified as oversold by Santiment, a condition often signaling a potential rally.