- The cryptocurrency market is heating up after weeks of uncertainty and significant losses. Amid a potential recovery, some cryptocurrencies are emerging with notable strong momentum. Crypto analyst Vinicius Barbosa indicates that two tokens are signaling a buy.
- Data from CoinGlass generally presents a neutral landscape. In early May, leveraged long position investors lost $400 million in a short time due to market liquidations. This movement followed a four-week period of either loss or neutral price movement among decentralized finance (DeFi) assets.
- In this context, Near Protocol (NEAR) has an interesting setup. It has a strong weekly RSI of 67.86 points and a strengthening daily RSI of 59.93, on the threshold of the ‘strong’ level at 60 index points. At the time of writing, NEAR is trading at $7.48 with a neutral performance in the last 24 hours.
Crypto market heats up with two tokens signaling a buy, according to analyst Vinicius Barbosa. CoinGlass data presents a neutral landscape, but Near Protocol (NEAR) shows strong momentum.
CoinGlass Data Shows Neutral Landscape
In early May, leveraged long position investors experienced a significant loss due to market liquidations. This followed a four-week period of either loss or neutral price movement among decentralized finance (DeFi) assets. We referred to CoinGlass’s Relative Strength Index (RSI) heat map to detect potential buy signals. Generally, the average weekly RSI shows a neutral-50 landscape that could direct these assets in any direction. On the other hand, the average daily RSI is at 45 index points as a result of the turbulence last week.
Near Protocol (NEAR) Signals a Buy
Near Protocol (NEAR) presents an interesting setup with a strong weekly RSI of 67.86 points and a strengthening daily RSI of 59.93, on the threshold of the ‘strong’ level at 60 index points. At the time of writing, NEAR is trading at $7.48 with a neutral performance in the last 24 hours. It’s worth noting that Near Protocol is one of the most promising Web3 infrastructures in the crypto world. If NEAR surpasses 60 index points, it will become the second strongest cryptocurrency among the largest capital cryptocurrencies in a 24-hour timeframe.
Conclusion
Despite potential buy signals for these two strong cryptocurrencies, the market is volatile and things can change quickly. However, these picks have long-term potential, even if short-term projections don’t materialize. Therefore, crypto investors need to assess the situation and search for solid projects. The views and forecasts in the article belong to the analyst and are not investment advice. We recommend doing your own research before investing.
