- 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.
As a seasoned crypto investor with a keen interest in altcoins, I believe that Sheldon The Sniper’s analysis of Bitcoin’s RSI and its potential impact on select altcoins like THORChain (RUNE), Render Token (RNDR), and Cardano (ADA) warrants careful consideration.
The value of the cryptocurrency market, particularly the alternative coins, has taken a sharp decline following its peak capitalization of approximately $1.28 trillion in March.
Lately, the market value dropped beneath the $1 trillion threshold, indicating a bearish trend that has instilled apprehension in numerous investors.
Bitcoin RSI Says BTFD
During this downturn, some experts in cryptocurrency analysis suggest that it could be a good time to buy based on significant technical indicators they have identified.
As a dedicated researcher in the field of cryptocurrency analysis, I’ve observed that Sheldon The Sniper, a highly respected figure within our community, emphasizes the significance of Bitcoin’s Relative Strength Index (RSI) for identifying prospective purchase opportunities.
This includes altcoins like THORChain [RUNE], Render Token [RNDR], and Cardano [ADA].
Based on Sheldon’s analysis, a dip in Bitcoin’s Relative Strength Index (RSI) at particular levels can signal upcoming rallies for certain alternative cryptocurrencies.
As a researcher, I’ve noticed an intriguing pattern in the price behavior of cryptocurrencies like RUNE and ADA. Specifically, their prices have historically bounced back significantly when their Relative Strength Index (RSI) readings drop below the 40% threshold on weekly charts.
As a savvy crypto investor, I believe there’s still hope for profitable opportunities amidst the current market turmoil. Some nooks remain untouched by the broader sell-off and could potentially yield significant returns for those in the know.
At the moment of this update, Bitcoin was priced at $60,746, marking a 1.5% decline over the past 24 hours. Furthermore, the Relative Strength Index (RSI) had reached a crucial level, potentially signaling a change in market attitude towards Bitcoin.
Analyzing altcoins: Cardano as a case study
As a crypto investor, I’d like to explore the fundamentals of one of Sheldon’s suggested altcoins – RUNE, RNDR, or ADA – to ensure that it holds promising investment prospects before making a decision.
Based on Cardano as an example, recent data from Santiment reveals a substantial drop in the number of daily active addresses. This figure declined from approximately 36,000 on the 24th of June to around 8,000 at present.
As a researcher observing the data, I notice a significant decrease in network activity, which might lead to unfavorable consequences for ADA‘s pricing.
According to information from IntoTheBlock, large-investors, referred to as “whales,” might be showing less interest in ADA at the moment.
Approximately 3,000 fewer transactions worth over $100,000 have occurred since the 24th of June, indicating a possible decrease in investor activity.
The decrease in this trend is reflected in the Open Interest of the asset, now at $203 million after a 2.74% drop within the last day based on Coinglass’s data.
On the other hand, Open Interest volume experienced a substantial rise of almost 50%, reaching $307 million, signaling conflicting messages from the market.
Read Bitcoin’s [BTC] Price Prediction 2024-25
The declining trends in crucial metrics implied more than just a potential price drop; they affected approximately 74% of ADA investors, resulting in losses according to AMBCrypto’s report.
This situation poses a critical question: will this lead to increased selling pressure?
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2024-06-28 05:11