A massive liquidation wiped out more than $230 million of total market value in one day this week. Thus, cryptocurrencies tested support levels. During this period, a sudden overwhelming fear prevailed in short-term cryptocurrency trading. Despite this, some projects maintained their strong positions, experiencing smaller losses than others. In this context, some altcoins with strong fundamentals and technical indicators are giving a buy signal. Crypto analyst Vinicius Barbosa says CoinGlass data gives a buy signal for 2 altcoins.
This altcoin is giving a strong buy signal: Uniswap (UNI)
First, Uniswap has a strong weekly RSI of 67.35. This value is well above the market average of 59.05. UNI has lost 4.79% of its market value in the last seven days. The altcoin is currently trading at $11.84. This made the daily RSI value neutral. Thus, it recorded 49.22 points which can act as support in this time frame.
Uniswap is the leading decentralized exchange built natively on Ethereum (ETH). But multiple EVMs support Blockchain. Increasing demand for its ecosystem could potentially boost the token’s performance. For example, BlackRock recently announced its effort to create a tokenization fund with a $100 million seed investment. Interestingly, UNI has moved up the market cap rankings to over $7 billion. Thus, it became one of the 20 most valuable cryptocurrencies.
Near Protocol (NEAR) is also showing strength
Near Protocol (NEAR) is a competing layer-1 blockchain for Web3 and DeFi. The project is focused on scalability and a friendly development environment. Meanwhile, NEAR has also climbed CoinMarketCap’s rankings. The altcoin currently ranks 19th with a capitalization of $7 billion. NEAR is one of the strongest cryptocurrencies on the weekly RSI with an index point of 68.91. Remarkably, this strong position was maintained even with a 19% loss during the week. The token was trading at $6.67 at the time of writing.
However, cryptocurrencies are highly volatile assets. Therefore, despite strong indicators, it is possible that buy signals may become invalid if conditions change. Therefore, it is important for investors to be cautious and understand the underlying fundamentals of the projects in which they invest.
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.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!