- The cryptocurrency market continues to exhibit significant bearish sentiment.
- This sentiment largely stems from Bitcoin’s recent struggles to surge past the $60,000 mark.
- Crypto analyst Aneena Alex identified potential buy signals for two cryptocurrencies after analyzing CoinGlass’s technical indicators.
Discover the latest analysis on two cryptocurrencies showing strong buy signals according to technical indicators. Stay ahead in the crypto market with expert insights.
MANTRA (OM) Shows Strong Buy Signals
Based on Relative Strength Index (RSI) values and other technical indicators, MANTRA (OM) demonstrates strong buy signals. The RSI values for OM are particularly impressive across various time frames, suggesting a growing interest among buyers. Specifically, the 15-minute RSI stands at 48.11, the 1-hour RSI at 50.06, and the 4-hour RSI at 60.68, all reflecting a bullish trend. The 12-hour RSI of 67.25 and the 24-hour RSI of 64.76 further confirm a positive upward momentum. Despite minor price corrections, the prevailing positive RSI trend indicates potential buying opportunities.
Technical Indicators Supporting OM’s Upward Potential
Beyond the RSI, other technical indicators also highlight a bullish outlook for OM. The Moving Average Convergence Divergence (MACD) indicator reveals a bullish crossover, indicating an upward price trend. Exponential Moving Averages (EMAs) across different time frames, such as the 10-day and 50-day EMAs, signal strong potential for upward price movement. Moreover, the Commodity Channel Index (CCI) and the Average Directional Index (ADX) corroborate the bullish sentiment for OM.
Horizen (ZEN) Exhibits Buy Signals
Horizen (ZEN) also presents strong buy signals according to various technical indicators. Short-term RSI values, such as the 15-minute RSI at 34.98 and the 1-hour RSI at 32.02, suggest that ZEN is currently oversold and may be poised for a rebound. The 4-hour RSI at 46.65 and the 12-hour RSI at 60.7 underscore increasing buying interest. This is further validated by the 24-hour RSI at 61.4 and the weekly RSI at 52.5, which confirm a stable buying trend. ZEN’s price has risen by 11.73% in the last 24 hours, supported by these RSI values.
Technical Indicators Reinforcing ZEN’s Bullish Trend
Additional technical indicators support the positive outlook for ZEN. The MACD shows a bullish crossover, hinting at a potential price increase. EMAs across various time frames indicate a strong buy signal, as shorter-term EMAs are positioned above the longer-term ones. Furthermore, both the CCI and the ADX strengthen the bullish case for ZEN, indicating a robust upward trend.
Conclusion
In summary, both MANTRA (OM) and Horizen (ZEN) are exhibiting strong buy signals backed by comprehensive technical analysis. While these indicators point towards potential price surges, it’s crucial to remember that the cryptocurrency market remains highly volatile. Therefore, conducting thorough research, including fundamental analysis, is imperative before making any investment decisions.
