The prevailing emotion in the cryptocurrency market in April was fear. Cryptocurrencies lost over 5 percent in value in a short time. Therefore, many of them are currently oversold, which could be a “buy the dip” signal. Crypto analyst Vinicius Barbosa says that 2 cryptocurrencies gave a buy signal using CoinGlass data.
CoinGlass data gives a buy signal for 2 cryptocurrencies!
cryptokoin.comAs you follow from , the cryptocurrency market went through a bloodbath today. In a surprising turn of events, the crypto landscape went from bullish to bearish in a matter of days. According to CoinGlass, the overall Relative Strength Index (RSI) in particular proves this with a 4-hour average RSI of 35.33.
Currently, many cryptocurrencies are trending between undersold and oversold on the 4-hour momentum indicator. Therefore, this points to two possible scenarios. First, this indicates a general trend reversal and bearish dominance going forward. However, this decline may create buying opportunities for medium and long-term investments. Therefore, this represents a buying opportunity for knowledgeable investors. He picked two short-term oversold cryptocurrencies to consider buying in this crash.
First, Near Protocol (NEAR) gives a buy signal
Near Protocol (NEAR) has one of the most promising buy signals according to this technical indicator. The protocol has seen strong growth in 2024 with solid fundamentals. However, in the latest decline, NEAR lost 6.21% to $6.30. The token is currently showing a 4-hour RSI of 31.35 while it is holding a daily RSI of 47.46. Therefore, it is above the crypto market daily average of 45.10.
Leading cryptocurrency Bitcoin (BTC) also gave a buy signal
Bitcoin (BTC) has a similar status to Near. Therefore, it is a possible strong buying opportunity in the current decline. The leading cryptocurrency has a 4-hour and daily Relative Strength Index of 31.73 and 47.41 respectively. At the time of writing, Bitcoin was trading at $64,428 after losing 4.78% on the day.
However, having an oversold RSI condition does not guarantee a price recovery. Understanding this extreme weakness indicator is vital for traders looking to buy signals. Cryptocurrencies are highly volatile assets. That’s why everything can change in the blink of an eye.
The opinions and predictions in the article belong to the analysts and are definitely not investment advice. cryptokoin.com We strongly recommend that you do your own research before investing.
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