Investing in Altcoins: Are These Two Altcoins in the Buy Zone, According to Santiment Data?
Bitcoin and altcoins have been experiencing a downward trend recently, with Bitcoin dropping from its high of $65,500 earlier this week. However, this decline in prices presents an opportunity for investors looking to buy at bottom prices. According to Santiment, a popular on-chain platform, Bitcoin and some altcoins are currently in the buy zone, based on the Relative Strength Index (RSI).
Santiment’s data reveals that the RSI indicator for Bitcoin, as well as altcoins such as Ethereum (ETH), BNB, Solana (SOL), XRP, Dogecoin (DOGE), Toncoin (TON), Cardano (ADA), Shiba Inu (SHIB), and Avalanche (AVAX), is falling. The RSI levels are as follows: 41.3 for BTC, 41.5 for ETH, 44.8 for BNB, 48.7 for SOL, 46 for XRP, 49 for DOGE, 55.1 for TON, 42.6 for AVAX, 38.4 for SHIB, and 32.3 for ADA.
The RSI is a widely used technical indicator in predicting price movements. It is calculated by considering the highest and lowest levels of an asset’s price over a specified period. If the RSI value is above 70, it is in the overbought zone, indicating a potential reversal. Conversely, if it is below 30, it suggests an oversold area, signaling a potential upward movement.
Based on the RSI indicator, Cardano appears to be a potential buy candidate with the lowest RSI among the top cryptocurrencies.
Please note that this article does not constitute investment advice. If you’re interested in investing in cryptocurrencies, you can register with Binance exchange using this link for a 20% commission discount. For more exclusive news, analytics, and on-chain data, follow our Telegram and Twitter accounts.
Author: Elif Azra Güven
