The cryptocurrency market is heating up after weeks of uncertainty and significant losses. Amid a potential rebound, some cryptocurrencies are coming forward with remarkably strong momentum. Crypto analyst Vinicius Barbosa says two tokens are giving a buy signal.

CoinGlass data shows an overall neutral landscape!

In early May, leveraged long traders lost $400 million in a short period of time due to market liquidations. The move followed four weeks of either loss or neutral price action among decentralized finance (DeFi) assets. We turned to CoinGlass’ Relative Strength Index (RSI) heatmap to spot potential buy signals. Overall, the average weekly RSI shows a neutral-50 landscape that could steer these assets in any direction. On the other hand, the average daily RSI is hovering at the 45 index point as a result of last week’s turmoil.

Near Protocol (NEAR) gave a buy signal!

In this context, Near Protocol (NEAR) has an interesting setup. Because, it has a strong weekly RSI of 67.86 points. It also has a strengthening daily RSI of 59.93, which is on the verge of the ‘strong’ level at 60 index points. At the time of writing, NEAR is trading at $7.48 with a neutral performance in the last 24 hours. It is worth noting that Near Protocol is one of the most promising Web3 infrastructures in the crypto world.

Crypto Market RSI Heatmap: NEAR Source: CoinGlass

If it crosses 60 index points, NEAR will become the second strongest cryptocurrency among the most capitalized cryptocurrencies in the 24-hour timeframe. Crypto traders and investors will likely see this momentum surge as a buy signal for NEAR.

Strong momentum for this cryptocurrency

According to CoinGlass’ daily heatmap, the strongest cryptocurrency right now is Render Network (RNDR). At the time of writing, the token was trading at $10.50, up 5.27% in the last 24 hours. Moreover, the altcoin has a daily RSI of 65.5 and promising fundamentals for its protocol. Similarly, the weekly RSI is also showing strong momentum with the same 65 points. It also signals a continuation of the uptrend.

Crypto Market RSI Heatmap: RNDR Source: CoinGlass

But the market is volatile and despite the potential buy signal for these two powerful cryptocurrencies, things can change quickly. Still, this election has long-term potential, even if the short-term projection doesn’t materialize. That’s why crypto investors need to do their due diligence and look for solid projects.

The opinions and forecasts in the article are those of the analyst and are not investment advice. Cryptocoin.com we strongly recommend that you do your own research before investing.