The cryptocurrency market has started to recover after a sharp decline. Thus, there is a noticeable shift in sentiment, with increasing momentum indicating a potential upside. After a period of fear and significant selling, the market is gradually moving into an upward trend. This opens up new opportunities for investors. Crypto analyst Aneena Alex looks at two cryptocurrencies that are giving buy signals.
Potential buying opportunities in a balanced market!
According to CoinGlass, the average Relative Strength Index (RSI) currently stands at 54.56. This level indicates that the market is neither overly bullish nor bearish. Therefore, it indicates more balanced trading conditions. Such stability provides fertile ground for identifying potential buying opportunities, especially in assets that have recently fallen into oversold territory. We identified these opportunities using the 24-hour RSI heat map from CoinGlass’ momentum indicator. Thus, we have identified two altcoins that are poised to rebound after reaching recent lows.
The first cryptocurrency giving a buy signal: TRON (TRX)
TRON (TRX) emerges as a notable candidate for investment. Currently priced at $0.11349, TRX has recently experienced a slight decline of 0.97%. RSI data on different time frames shows that it is significantly oversold. Specifically, the RSI is at 29.54 for the 4-hour chart, 27.16 for the 12-hour chart, and 34.73 for the 24-hour chart. These indicators point to a potential bottoming out. It also makes TRX a prime candidate for a “buy the dip” strategy as market sentiment begins to improve.
Bluzelle (BLZ) is also sending a buy signal!
Similarly, Bluzelle (BLZ) also emerges as an interesting opportunity. The token is currently changing hands at $0.267, an increase of 3.9%. Thus, BLZ is showing early signs of recovery. RSI values for BLZ are 39.01 for 4-hour, 33.1 for 12-hour and 30.0 for 24-hour. This data shows that it is also emerging from oversold conditions. This positioning signals that BLZ is beginning to adjust to the broader market’s temporary recovery, which could potentially lead to significant price corrections to the upside.
However, having an oversold RSI does not guarantee a recovery in altcoin prices. Understanding this extreme weakness indicator is vital for traders looking for buy signals.
The opinions and predictions in the article belong to the analyst and are definitely not investment advice. cryptokoin.com We strongly recommend that you do your own research before investing.
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Analyst: ‘Buy’ Signal Flashed for These 2 Oversold Cryptocurrencies!