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While uncertainties in the cryptocurrency market persist, some investors note that altcoins appear extremely cheap to buy. Recent data reveals potential buying areas for Cardano (ADA), Shiba Inu (SHIB), and XRP.
Cardano, Shiba Inu, and XRP in Buying Zones
According to data provided by the on-chain data platform Santiment on May 7, Bitcoin, Ethereum, and other top altcoins appeared to be in the buying zone. According to the Relative Strength Index (RSI), the majority of cryptocurrencies at the peak of their volume are showing buying signals.
The recent sell-off in the crypto market caused the RSI value to reach high levels, and Cardano (ADA) emerged as a top candidate for “low buy” potential after the review.
The RSI value of Cardano was calculated at 32, indicating that buying ADA at its current level could yield better returns due to its significant potential.
The ADA price is currently trading at $0.4475, and analysts indicate that it could reach $0.75 again this year.
Following ADA, Shiba Inu (SHIB), with an RSI of 38, still remains in the buying zone, placing it second on the potential low buy list. Investors seeking significant profits this bull season are considered likely to invest in SHIB.
SHIB price saw a noticeable increase in the middle of the meme coin process in March. Whales profited on the SHIB side, and during this process, the Shiba Inu team announced developments including raising $12 million through the TREAT token from the crypto world.
One of the biggest question marks in the market, the direction of XRP’s price continues to fluctuate amid developments in the Ripple vs SEC case. The expectation continues that the XRP case will conclude this year with a final decision by Judge Torres in September.
The RSI value of XRP was pointing at 46, indicating a neutral outlook. XRP price is trading around $0.52 at the time of writing, and appears to be avoiding major price movements due to the uncertainty caused by the SEC case.
Will Bitcoin Prices Rally?
In the crypto market, after Bitcoin reached an all-time high of $73,500, there has been a recent minor rise again.
Experts like Standard Chartered, Michael van de Poppe, and Ali Martinez predict that prices could exceed $100,000 this year.
Spot Bitcoin ETFs have also attracted attention with new entries following weeks of exits.
Net entries of $217 million on Monday in US Bitcoin ETFs seemed to have revived hopes. Wall Street anticipates a rise in BTC linked to increasing expectations of Fed rate cuts.
The BTC price is finding buyers at exactly $63,000 after a 1% drop in the last 24 hours. The lowest and highest levels during this period were $62,746 and $64,390, respectively.
Additionally, the trading volume decreased by 14% in the last 24 hours, reflecting a lack of interest among investors. It is thought that a breakout above $65,000 could lead to an upward momentum towards $80,000.
