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.
Which Cryptocurrencies Are Showing Buying Signals?
The first altcoin to be noted for a potential buying signal is MANTRA (OM). The RSI values for OM across different time frames suggest a strong outlook. Specifically, the 15-minute RSI stands at 48.11, the 1-hour RSI at 50.06, and the 4-hour RSI at 60.68, indicating increasing buying pressure. Notably, the 12-hour RSI is 67.25, while the 24-hour RSI is 64.76. The weekly RSI value of 80.98, which is high even for overbought conditions, might be viewed as a buying opportunity despite a 2.62% drop in the last 24 hours.
Following a recent decline, OM continues to attract buyers at the $1.07 level. The market cap is currently at 888 million dollars, although the 24-hour trading volume has dropped by 51% to 81.6 million dollars.
What Does the RSI Say About Horizen (ZEN)?
Horizen (ZEN) exhibits strong buying pressure, as indicated by its RSI values. The short-term RSI for ZEN, starting with the 15-minute indicator, is at 34.98, while the 1-hour RSI shows 32.02, suggesting it is in a sell zone. This may imply ZEN could escape overselling and potentially appreciate in the near future. The 4-hour RSI is at 46.65, and the 12-hour RSI nearing the overbought zone at 60.7. The 24-hour RSI for ZEN is 61.4, and the 7-day value is 52.5, both hovering above neutral. Despite a 12% drop in the past 24 hours, these RSI values hint at a potential recovery.
Since its price drop, ZEN has slid below $10, stabilizing at around $9.52. Its market cap has similarly decreased to 143 million dollars, with the trading volume remaining relatively stable, showing only a 3% decrease to 23 million dollars.
Key Takeaways for Investors
– MANTRA (OM) and Horizen (ZEN) display strong buying signals despite recent price declines.
– OM’s high weekly RSI of 80.98 could be seen as a buying opportunity.
– ZEN’s short-term RSI indicates it might be exiting the oversold zone, hinting at potential price recovery.
– Market cap and trading volumes for both altcoins have shown notable fluctuations, which investors should consider.
In conclusion, CoinGlass’s RSI heatmap offers valuable insights into the buying pressures of certain altcoins, presenting potential investment opportunities even amid volatile market conditions.