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The cryptocurrency market is progressing in a relatively positive direction today, with the total market value rising to $2.35 trillion on May 17 after a 2.50% increase over the past 24 hours. The gains made by Bitcoin (BTC) and Ethereum (ETH), which rose by 2% and 4% respectively during the same period, may reflect a potential recovery in the market following the uncertainties and significant losses that have persisted since March. In the midst of this price recovery, both cryptocurrencies are showing notable momentum. The Relative Strength Index (RSI) heatmap provided by Coinglass on May 17 offers important insights on this matter.
Arweave (AR) Chart Overview
Arweave (AR) saw notable purchases this week, creating an interesting pattern. AR continues to stay above the strong buying level indicated by a weekly RSI value of 76.82 and a daily RSI value of 68.35, which are above the 60 index level.
High RSI values generally indicate strong momentum and suggest that the asset being analyzed is potentially overbought. This could also signal a strong upward trend. As of the time of writing, AR is trading at $47 after a 5% increase.
Pepe (PEPE) Coin Commentary
Pepe (PEPE) has emerged as another notable cryptocurrency following recent ATH updates. Over the past week, PEPE has seen a 23% price increase, attracting interest from meme coin enthusiasts and the broader market.
The 1-week RSI value for 1000PEPE is 68.74, while the 24-hour RSI value is 67.44. Additionally, the 4-hour and 1-hour RSI values are 52 and 53, respectively. These high RSI values indicate strong buying pressure and continued investor interest. Over the past 24 hours, PEPE has increased by 3% and by 88% over the past month, currently trading at $0.0101954.
The strong RSI values and recent performance in both Arweave and Pepe place them among the cryptocurrencies worth examining this week. The high RSI values in both cryptocurrencies indicate strong momentum for potential upward price movement and sustained investor interest.
The recent gains in these cryptocurrencies also suggest a recovery and increased confidence in these assets. However, there are concerns about the sustainability of the mentioned price rally. The duration of upward price movements is unpredictable due to their dependence on economic and macroeconomic events, leading to growing uncertainties.
Many investors are also discussing the possibility of a bearish move. Therefore, it would be healthier for cryptocurrency investors to follow market conditions and events rather than relying solely on charts when making investments.
