Altcoin
Cardano (ADA), Shiba Inu (SHIB), XRP Among Top Cryptocurrency Flashing Buy Signals
As the price of Bitcoin remains above despite the growing uncertainty in the cryptocurrency market, altcoins look 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 following the recent sell-off.
Cardano, Shiba Inu and XRP in buy zones
On-chain platform Santiment revealed on May 7 that Bitcoin, Ethereum and other major altcoins are in buy zones. According to Relative strength index (RSI), most major cryptocurrencies are sending buy signals. The recent sell-off in the cryptocurrency market has caused the RSI to drop close to the oversold level, with Cardano (ADA) as the most potential candidate for “buy low.”
Cardano has an RSI of 32, indicating huge potential in the ADA price to offer better returns if purchased at the current level. ADA pricing it is currently trading at $0.45 and analysts predict high chances of reaching the $0.75 level again this year.
Shiba Inu (SHIB) is second on the list of potential dip buys as it is in a light buy zone, with an RSI of 38. Investors aiming for a huge profit in this bull run are expected to invest in this dog themed meme coin. SHIB price saw a massive rally recently amid the meme coin craze in March. Whales made profits in SHIB and will likely get the meme coin again as the Shiba Inu team revealed developments, including raising $12 million via TREAT tokens from popular cryptocurrency investors.
XRP price action has been volatile amid developments in the Ripple vs SEC case. The XRP lawsuit is likely to conclude this year, with a final ruling Judge Torres expected in September. XRP has an RSI of 46, with traders waiting for key developments to enter the cryptocurrency. XRP Price it is currently trading at $0.54 and I haven’t seen much price action due to the SEC lawsuit.
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Will Bitcoin prices rise?
The cryptocurrency market recently turned bearish after Bitcoin hit a new all-time high of $74,000. Experts such as Standard Chartered, Michael van de Poppe and Ali Martinez they predicted that the price of Bitcoin will surpass $100,000 this year.
Spot Bitcoin ETFs have also started to see inflows again after weeks of outflows. WE Bitcoin ETFs on Monday it recorded net inflows of $217 million. Wall Street recorded positive sentiment amid growing anticipation of Fed rate cuts and a ceasefire in the Israel-Hamas conflict.
BTC price has fallen 1% in the last 24 hours, with the price currently trading at $62,933. The 24-hour low and high are $62,746 and $64,390, respectively. Furthermore, trading volume has decreased by 8% in the last 24 hours, indicating a lack of interest among traders. The price will regain momentum towards $80,000 after confirming a breakout above $65,000.
Trading in the derivatives market suggests traders remain bullish on Bitcoin price hitting a new all-time high as call options rise.
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