Amidst the ongoing uncertainties in the cryptocurrency market, some astute investors have observed that altcoins are currently available at extremely low prices. Recent data has shed light on potential buying opportunities for Cardano (ADA), Shiba Inu (SHIB), and XRP.
Cardano, Shiba Inu, and XRP in Favorable Buying Zones
According to data provided by the on-chain data platform Santiment on May 7th, Bitcoin, Ethereum, and other leading altcoins were identified as being in the buying zone. The Relative Strength Index (RSI) indicated that a majority of cryptocurrencies, at the peak of their trading volume, were displaying buying signals.
The recent sell-off in the crypto market had driven the RSI value to reach significant levels, and Cardano (ADA) emerged as a prime candidate for potential “low buy” prospects following a review.
The RSI value for Cardano was calculated at 32, indicating that purchasing ADA at its current level could potentially yield substantial returns due to its significant potential.
The current trading price for ADA stands at $0.4475, and analysts suggest that it could reach $0.75 once again within this year.
Following Cardano, Shiba Inu (SHIB) is also in the buying zone with an RSI of 38, placing it second on the list of potential low buy opportunities. Investors who seek significant profits during this bullish season are likely to consider investing in SHIB.
The price of SHIB witnessed a noticeable surge during the meme coin frenzy in March. Whales took advantage of the SHIB market, and during this period, the Shiba Inu team announced several developments, including raising $12 million through the TREAT token within the crypto community.
XRP, on the other hand, continues to experience price fluctuations amidst the ongoing Ripple vs SEC case, which remains one of the biggest uncertainties in the market. The expectation is that the XRP case will conclude this year with a final decision by Judge Torres in September.
The RSI value for XRP currently points at 46, indicating a neutral outlook. At the time of writing, the price of XRP is trading around $0.52 and appears to be avoiding significant price movements due to the uncertainty caused by the SEC case.
Will Bitcoin Prices Witness a Rally?
After reaching an all-time high of $73,500, Bitcoin has experienced a recent minor increase in its price within the crypto market.
Experts such as Standard Chartered, Michael van de Poppe, and Ali Martinez predict that Bitcoin prices could surpass $100,000 this year.
Spot Bitcoin ETFs have also garnered attention with new entries following weeks of exits.
The net entries of $217 million on Monday in US Bitcoin ETFs have rekindled hopes among investors. Wall Street anticipates an upward surge in BTC prices due to increasing expectations of potential rate cuts by the Federal Reserve.
The price of BTC is currently finding buyers at the $63,000 mark after a 1% drop in the last 24 hours. The lowest and highest levels during this period were recorded at $62,746 and $64,390, respectively.
Furthermore, the trading volume has decreased by 14% in the last 24 hours, indicating a lack of interest among investors. It is believed that a breakout above $65,000 could lead to a positive momentum towards $80,000.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks. It is advisable to conduct thorough research before making any investment decisions.
