The cryptocurrency market, which has been plagued by uncertainty and significant losses in recent weeks, is starting to show signs of recovery. Within this potential recovery, two altcoins are emerging as strong contenders for a significant rise. Here, we present two altcoins that are on the verge of giving a BUY signal according to the RSI indicator.
Near Protocol (NEAR)
In the final days of April, the market witnessed a massive loss of $400 million in just 24 hours due to the liquidations of investors who had taken long positions in Bitcoin and various altcoins using leverage. This was followed by four weeks of either losses or neutral price movements in the cryptocurrency market. Now, investors are on the lookout for altcoins that are showing potential BUY signals, with CoinGlass’s Relative Strength Index (RSI) heatmap pointing towards two particular altcoins.
The first altcoin, Near Protocol (NEAR), has an intriguing setup. Its weekly RSI stands at 67.86, with its gaining strength RSI at 59.93, indicating a BUY signal. NEAR is currently trading at $7.19, experiencing a 4.23% decrease in the last 24 hours. For those unfamiliar, Near Protocol is considered one of the most promising Web3 infrastructures in the cryptocurrency industry. If NEAR’s daily RSI surpasses the 60 level, this altcoin could potentially experience a significant upward movement.
Render Network (RNDR)
According to CoinGlass’s daily RSI heatmap, the second standout altcoin project is Render Network (RNDR). RNDR is currently trading at $9.95, with a 5.20% decrease in the last 24 hours. Additionally, RNDR’s daily RSI sits at 65.5, indicating a promising outlook for this altcoin. Similarly, its weekly RSI also exhibits strong momentum at 65, suggesting that the uptrend for this altcoin is continuing.
Of course, it’s important to remember that the cryptocurrency market is highly volatile, so the situation for these listed altcoins can change rapidly. A BUY signal could easily turn into a SELL signal. However, it is worth noting that both NEAR and RNDR, as main network assets of robust networks, have the potential to deliver long-term success, even if short-term gains are not guaranteed.
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Disclaimer: This article is not intended as investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and conduct their own research.
