Summary
TLDR: Reserve Rights (RSR) price surged by over 52% in the last 24 hours, reaching a 17-month high. However, the rally is unlikely to have a significant impact as the token is overvalued, as indicated by the MVRV Z-Score. Investors sentiment is also turning negative, suggesting a possible 20% correction in the coming days.
Key Points
1. Reserve Rights (RSR) price surged by over 52% in the last 24 hours, reaching a 17-month high, but it is still far from its all-time high.
2. The Market Value to Realized Value (MVRV) Z-Score for RSR is above the threshold of 2.62, indicating potential overvaluation and historically leading to price corrections.
3. Despite the recent rally, investor sentiment towards RSR has turned pessimistic, with a four-month low in weighted sentiment, suggesting a possible 20% correction in the price over the coming days.