Cardano (ADA), Shiba Inu (SHIB), XRP Among the Most Flashing Crypto Buy Signals
While the Bitcoin price remains strong despite increasing uncertainty in the crypto market, altcoins appear extremely cheap to buy and make huge gains in the bull market. New data reveals cardano (ADA), shiba inu (SHIB), and XRP as potential buys after the recent sell-off.
Cardano, Shiba Inu and XRP in Buy Zones
On-chain platform Santiment announced on May 7 that Bitcoin, Ethereum, and other leading altcoins are in buy zones. According to the Relative Strength Index (RSI), the majority of top cryptocurrencies are flashing buy signals. The recent sell-off in the crypto market has caused the RSI to approach the oversold level, making Cardano (ADA) the most potential “buy low” candidate.
Cardano has an RSI of 32, which indicates that there is great potential for better returns when purchased at the current level in the ADA price. ADA price is currently trading at $0.45 and analysts predict that it is likely to rise to $0.75 again this year.
Shiba Inu (SHIB) is second on the potential underbuy list as it is in a slight buy zone with an RSI of 38. Investors aiming for big profits in this bull run are expected to invest in this dog-themed meme coin. SHIB price has seen a massive rise recently amidst the meme money craze in March. Whales took profits on SHIB and are likely to re-enter the meme coin as the Shiba Inu team announced developments including raising $12 million from popular crypto investors via its TREAT token.
XRP price momentum remains volatile amid developments in the ripple and SEC case. The XRP case will likely end this year, with Judge Torres expected to make a final decision in September. XRP’s RSI is 46 and investors are waiting for significant developments to enter the crypto. XRP price is currently trading at $0.54 and has not seen much price movement due to the SEC lawsuit.
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Will Bitcoin Prices Rise?
The crypto market has recently returned to a bearish trend after Bitcoin reached its all-time high of $74,000. Experts such as Standard Chartered, Michael van de Poppe and Ali Martinez predict that the Bitcoin price will exceed 100 thousand dollars this year.
Spot Bitcoin ETFs have also begun to see re-entry after weeks of outflows. US Bitcoin ETFs recorded net inflows of $217 million on Monday. Wall Street remained bullish amid rising expectations for Fed rate cuts and a ceasefire in the Israel-Hamas conflict.
BTC price is down 1% in the last 24 hours and the price is currently trading at $62,933. The 24-hour low and high are $62,746 and $64,390 respectively. Additionally, the transaction volume decreased by 8% in the last 24 hours, indicating the indifference of investors. The price will gain upward momentum towards $80,000 after a break above $65,000 is confirmed.
Trading in the derivatives market shows traders remain bullish on the price of Bitcoin reaching an all-time high as call options increase.
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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