The cryptocurrency market is showing signs of recovery after a period of uncertainty and significant losses. Two altcoins in particular are emerging with the potential for a strong rise. Here are two altcoins that are about to give a BUY signal according to the RSI indicator.
Near Protocol (NEAR):
In the final days of April, there was a sudden loss of $400 million in 24 hours due to the liquidations of investors who had taken long positions in Bitcoin and various altcoins using leverage. Following this activity, the cryptocurrency market experienced four weeks of either losses or neutral price movements. Investors are now searching for altcoins that could potentially give a BUY signal, with CoinGlass’s RSI heatmap pointing to two altcoins in particular.
The first of these altcoins is Near Protocol (NEAR), which has an interesting setup. Its weekly RSI stands at 67.86 and its gaining strength RSI is at 59.93, indicating a BUY signal. NEAR is currently trading at $7.19, down 4.23% in the last 24 hours. Near Protocol is considered one of the most promising Web3 infrastructures in the cryptocurrency world. If NEAR’s daily RSI crosses the 60 level, this altcoin could experience a strong 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, down 5.20% in the last 24 hours. Furthermore, RNDR’s daily RSI is at 65.5, indicating a promising outlook for this altcoin. Its weekly RSI also shows strong momentum at 65, suggesting that the uptrend for the altcoin is continuing.
Of course, the cryptocurrency market is highly volatile, and the situation for these 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 strong networks, could deliver long-term results even if not in the short term.
Please note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
