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Home»ALTCOIN NEWS»Is Now the Time to Buy? Bitcoin RSI Points to Opportunity
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Is Now the Time to Buy? Bitcoin RSI Points to Opportunity

By Crypto FlexsJune 28, 20243 Mins Read
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Is Now the Time to Buy? Bitcoin RSI Points to Opportunity
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  • Bitcoin’s RSI indicated a potential rebound in the altcoin markets, particularly RUNE, RNDR, and ADA.
  • Despite the market lows, technical analysis shows that select altcoins may offer promising investment opportunities.

Cryptocurrency markets, especially the altcoin sector, have experienced significant declines since peaking in March with a market capitalization of $1.28 trillion.

Recently, as the market capitalization fell below $1 trillion, many investors predicted a bearish phase, making them cautious.

Bitcoin RSI says BTFD

However, these periods of decline could also be buying opportunities according to key technical analysis by prominent cryptocurrency analysts.

Sheldon The Sniper, a well-known figure in the cryptocurrency analysis community, Highlighted How to Use Bitcoin’s Relative Strength Index (RSI) to Identify Potential Buy Zones

This includes altcoins such as THORChain (RUNE), Render Token (RNDR), and Cardano (ADA).

According to Sheldon, when Bitcoin’s RSI drops to a certain level, it often precedes a rally in a particular altcoin.

This has historically been observed in places like RUNE and ADA, which show strong recoveries when the RSI reading falls below 40% on the weekly chart.

This suggests there is potential for astute investors to profit despite the broader market’s difficulties.

At the time of writing, Bitcoin was trading at $60,746, down 1.5% over the last 24 hours. The RSI has reached a dangerous level, suggesting a sharp change in market sentiment.

Altcoin Analysis: Cardano as a Case Study

Sheldon highlighted RUNE, RNDR, and ADA as potential buys, but it makes sense to look into one of these altcoin fundamentals to see if it actually presents an attractive investment opportunity.

Now let’s use Cardano as a case study. data According to Santiment, Cardano’s daily active addresses have dropped significantly from 36,000 on June 24 to just 8,000 recently.

A sharp decline suggests a decrease in network activity, which could have a negative impact on the ADA price.

Cardano (ADA) Daily Active Addresses

Source: Santiment

Also, IntoTheBlock data It shows that large investors or whales may find ADA less attractive at the moment.

The number of deals exceeding $100,000 has fallen from 7,000 on June 24 to 4,000 at the time of writing, suggesting investor interest may be winding down.

Cardano (ADA) Whale TradingCardano (ADA) Whale Trading

Source: IntoTheBlock

This trend is reflected in the outstanding interest in the asset. Coin glassOver the past day, it decreased 2.74% to $203 million.

Conversely, open interest volume increased significantly, up nearly 50% to $307 million, indicating mixed market signals.

Altcoin -- Cardano (ADA) Unsettled TransactionsAltcoin -- Cardano (ADA) Outstanding Transactions

Source: CryptoQuant


Read our Bitcoin (BTC) Price Prediction 2024-25


As reported by AMBCrypto, this downward trend in key indicators not only implied a price decline, but approximately 74% of ADA holders suffered losses.

This situation raises an important question: Will this increase selling pressure?

Next: Measuring Cardano’s Short-Term Potential Amid Current Downtrend

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