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The cryptocurrency market is beginning to show signs of recovery after weeks of uncertainty and significant losses. In the midst of an anticipated potential recovery, two altcoins in particular are emerging with a notable potential for a strong rise. Here are two altcoins about to give a BUY signal according to the RSI indicator.
Near Protocol (NEAR)
In the last days of April, a period was observed where $400 million evaporated in 24 hours due to the liquidations of investors who took long positions in Bitcoin and various altcoins using leverage. This activity was followed by four weeks of either losses or neutral price movements in the cryptocurrency market. Investors are now on the hunt for altcoins that are potentially giving BUY signals, with CoinGlass’s Relative Strength Index (RSI) heatmap particularly pointing to two altcoins.
The first of these altcoins, Near Protocol (NEAR), has an interesting setup. Its weekly RSI stands at 67.86 and its gaining strength RSI at 59.93, signaling a BUY.
NEAR is trading at $7.19, down 4.23% in the last 24 hours. For those unaware, 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 promising Web3-specific altcoin could make a strong upward move.
Render Network (RNDR)
According to CoinGlass’s daily RSI heatmap, the second standout altcoin project currently is Render Network (RNDR). RNDR is trading at $9.95, down 5.20% in the last 24 hours. Moreover, RNDR’s daily RSI is at 65.5, indicating a promising outlook for this altcoin. Similarly, its weekly RSI also shows strong momentum at 65, indicating that the uptrend for the altcoin is continuing.
Of course, the cryptocurrency market is extremely volatile, so the situation for these altcoins listed can change rapidly, and a BUY signal could quickly turn into a SELL signal. However, it is worth noting that both NEAR and RNDR, being main network assets of strong networks, could deliver in the long term even if not in the short term.
