With the cryptocurrency market remaining relatively calm at the moment, investors who identify undervalued digital assets can unlock significant profit potential.
In this context, an analysis shared by DBCrypto on August 15, 2024, highlighted a promising cryptocurrency that appears to be undervalued based on the Market Cap per Daily Active Address (MCDAA) metric.
DBCrypto’s analysis drew attention to four cryptocurrencies—Avalanche (AVAX), Polkadot (DOT), MultiversX (EGLD), and Cardano (ADA)—by comparing their market capitalization with the number of daily active addresses to derive the MCDAA.
EGLD seven-day price chart. Source: Finbold
Throughout the week, the price appeared to find support around the $26.00 mark, as it did not fall below this level, indicating that buyers might be stepping in at this price point. However, the resistance at $28, where the price initially started to decline, remains a significant barrier to any potential recovery.
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