- Cryptocurrencies continue to experience volatile price movements, and CoinGlass’s Relative Strength Index (RSI) heatmap on July 12 has shed light on some promising altcoins.
- The market’s average RSI remains at 40.046, staying below the neutral level.
- Despite this, the RSI values and technical outlooks of certain cryptocurrencies might be signaling opportunities to buy.
Discover the hidden potential in the crypto market with insights into altcoins showing strong buying signals.
Promising Altcoins to Watch for Buying Signals
Several altcoins have shown significant potential for investment based on their RSI values. One such cryptocurrency is MANTRA (OM). Across different time frames, MANTRA exhibits a strong outlook, with the 15-minute RSI at 48.11, the 1-hour RSI at 50.06, and the 4-hour RSI at 60.68. These numbers indicate increasing buying pressure. Additionally, the 12-hour RSI stands at 67.25, and the 24-hour RSI at 64.76. Notably, the weekly RSI value is 80.98, which is high even for overbought conditions, marking a potential buying opportunity despite a minor drop of 2.62% in the last 24 hours.
Detailed Analysis of MANTRA (OM)
Following a recent decline, MANTRA continues to attract buyers at the $1.07 level. The cryptocurrency’s market cap is currently at 888 million dollars, although the 24-hour trading volume has seen a significant drop of 51%, reducing to 81.6 million dollars. Despite these fluctuations, the high weekly RSI and persistent buying interest suggest that MANTRA might be poised for a rebound.
Horizen (ZEN): An Undervalued Opportunity?
Horizen (ZEN) also exhibits strong buying pressure, as indicated by its RSI values. For ZEN, the short-term RSI reveals figures such as 34.98 for the 15-minute timeframe and 32.02 for the 1-hour timeframe, situating it in a sell zone. This situation might imply that ZEN is about to escape the oversold region and potentially appreciate soon. The 4-hour RSI stands at 46.65, while the 12-hour RSI measures 60.7, nearing the overbought zone. The 24-hour RSI is at 61.4, and the 7-day figure is 52.5, both hovering slightly above neutral levels.
Current Market Position of Horizen (ZEN)
Since experiencing a price drop, ZEN has stabilized around the $9.52 mark. Its market cap has similarly decreased to 143 million dollars, with trading volume remaining relatively stable, showing only a minor decrease of 3% to 23 million dollars. Despite a 12% drop in the past 24 hours, these RSI values suggest a potential recovery, making Horizen an attractive investment opportunity.
Conclusion
In conclusion, CoinGlass’s RSI heatmap provides valuable insights into the buying pressures of specific altcoins amidst the current volatile market conditions. MANTRA (OM) shows a high weekly RSI which could present a buying opportunity, while Horizen (ZEN) appears to be exiting the oversold zone, hinting at a potential price recovery. Investors should consider these signals while keeping in mind the notable fluctuations in market cap and trading volumes for both altcoins.
