The cryptocurrency market is heating up after weeks of uncertainty and significant losses. Amidst a potential recovery, some cryptocurrencies stand out with notable strong momentum. Crypto analyst Vinicius Barbosa says the two tokens are giving a buy signal.
CoinGlass data shows an overall neutral outlook!
In early May, leveraged long position investors lost $400 million in a short period of time due to market liquidations. This move followed four weeks of either losing or neutral price action among decentralized finance (DeFi) assets. We consulted CoinGlass’ Relative Strength Index (RSI) heat map to spot potential buy signals. Overall, the average weekly RSI shows a neutral-50 outlook that could lead these assets in any direction. On the other hand, the average daily RSI is hovering around the 45 index point as a result of last week’s turmoil.
Near Protocol (NEAR) gave a buy signal!
In this regard, Near Protocol (NEAR) has an interesting setup. Because it has a strong weekly RSI of 67.86 points. It also has a strengthening daily RSI of 59.93, which is on the verge of the ‘strong’ level at 60 index points. At the time of writing, NEAR is trading at $7.48 with neutral performance over the last 24 hours. It is worth noting that Near Protocol is one of the most promising Web3 infrastructures in the crypto world.
If it surpasses 60 index points, NEAR will become the second strongest cryptocurrency among the cryptocurrencies with the largest capitalization in the 24-hour time frame. Most likely, crypto traders and investors will view this increase in momentum as a buy signal for NEAR.
There is strong momentum for this cryptocurrency
According to CoinGlass’ daily heat map, the strongest cryptocurrency right now is Render Network (RNDR). At the time of writing, the token was trading at $10.50, up 5.27% in the last 24 hours. Moreover, the altcoin has a daily RSI of 65.5 and promising fundamentals for its protocol. Similarly, the weekly RSI is also showing strong momentum with the same 65 points. It also indicates that the upward trend continues.
However, the market is volatile and despite the potential buy signal for these two powerful cryptocurrencies, it is possible for things to change quickly. Still, this election has long-term potential even if the short-term projection does not come true. That’s why crypto investors need to do their due diligence and look for solid projects.
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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