The post Is Now the Time to Buy? Bitcoin’s RSI Points to Opportunities appeared on BitcoinEthereumNews.com.

Bitcoin’s RSI indicated potential rebounds for altcoin market, specifically RUNE, RNDR, and ADA. Despite market lows, technical analyses suggested that select altcoins might offer promising investment opportunities. The cryptocurrency market, particularly the altcoin sector, has experienced a significant downturn after reaching a peak market capitalization of $1.28 trillion in March. Recently, the market cap dipped below the $1 trillion mark, signaling a bearish phase that has left many investors cautious.  Bitcoin RSI Says BTFD However, this period of decline may also present buying opportunities, as indicated by key technical analysis from notable crypto analysts.  Sheldon The Sniper, a well-regarded figure in the crypto analysis community, has highlighted how Bitcoin’s Relative Strength Index (RSI) can be used to identify potential buy zones.  This includes altcoins like THORChain [RUNE], Render Token [RNDR], and Cardano [ADA]. According to Sheldon, when Bitcoin’s RSI dips into certain levels, it often precedes rallies in select altcoins. This has been observed with the likes of RUNE and ADA, which historically show strong recoveries when their RSI readings fall below 40% on the weekly charts. This suggests that despite the broader market’s struggles, there are pockets of potential that could benefit astute investors.  As of press time, Bitcoin was trading at $60,746, with a 1.5% decrease in the last 24 hours, and its RSI had reached a critical zone that could indicate an impending shift in market sentiment. Analyzing altcoins: Cardano as a case study While Sheldon has highlighted RUNE, RNDR, and ADA as potential buys, it would only make sense to delve into one of these altcoin fundamentals to verify if they truly present attractive investment opportunities.  Now, using Cardano as a case study. Data from Santiment indicated that Cardano’s daily active addresses have significantly decreased, falling from 36,000 on the 24th of June to just under…

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Filed under: News - @ June 28, 2024 12:14 pm