The cryptocurrency market is showing signs of renewed volatility following a sharp rise in the US Producer Price Index (PPI) to 3% in November, its highest level since February 2023.
This unexpected surge, coupled with last month’s accelerating Consumer Price Index (CPI), has exceeded market forecasts and dampened optimism for a Federal Reserve rate cut at next week’s FOMC meeting.
As uncertainty looms over financial markets, Finbold analyzed the Relative Strength Index (RSI) heatmap from CoinGlass on December 12 to spot emerging buy opportunities, offering investors potential entry points during this critical market phase.
Picks for you
Synthetix (SNX)
Synthetix (SNX) offers a strong buy signal for traders and investors, supported by its robust RSI metrics and favorable technical indicators.
The 24-hour RSI of 65.16 reflects solid momentum, signaling upward movement while avoiding overbought conditions. The recent price drop of 5.2% represents a healthy consolidation phase, which often precedes a bullish breakout, providing an optimal entry point for market participants.
Further supporting this outlook, SNX’s moving averages strongly favor a bullish trajectory, with 14 out of 15 moving averages signaling a buy, including critical exponential moving averages (EMAs) at 10, 20, and 200.
With the broader market 12-hour RSI remaining neutral at 51.99, SNX is well-positioned to capitalize on a potential market recovery, making it a high-potential asset for both short-term and medium-term gains.
Alien Worlds (TLM)
Alien Worlds (TLM) stands out as a strong buy in the current market, supported by a combination of robust technical indicators and sustained momentum.
The cryptocurrency has delivered an impressive daily gain of 11.66%, signaling renewed investor interest despite a 12-hour decline of 8.25%, which suggests a brief consolidation phase.
This recovery aligns with broader bullish indicators, placing TLM in a favorable position for potential upward movement.
The technical setup further bolsters the bullish outlook. Moving averages paint a decisive picture, with 14 buy signals and zero sell signals across key metrics, including exponential and simple averages spanning 10 to 200 periods. This indicates strength across both short- and long-term trends.
Meanwhile, the RSI values add another layer of validation. TLM’s RSI readings range from 60.47 in 15 minutes to 67.34 at one hour, with a 24-hour average of 64.26, outperforming the 12-hour market RSI of 51.99.
This indicates stronger buying pressure and upward momentum relative to the broader market. Key oscillators, including the MACD and Momentum indicators, also flash buy signals.
With technical indicators aligned and market momentum signaling further gains, TLM presents a favorable entry point for traders and investors.
Despite the strong buy signals highlighted for these two cryptocurrencies, the market’s inherent volatility calls for caution. Investors are advised to remain vigilant, closely monitor market developments, and adapt to changing market dynamics to make informed decisions.
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