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Buy signal for two strong cryptocurrencies this week

Buy signal for two strong cryptocurrencies this week

The cryptocurrency market is showing signs of recovery following the release of cooler-than-expected Consumer Price Index (CPI) data. Amid this potential recovery, two cryptocurrencies stand out with notable strong momentum.

Finbold analyzed the Relative Strength Index (RSI) heatmap from CoinGlass on June 12 to spot potential buy signals. 

The average weekly RSI shows a neutral-50 landscape, indicating that the market could move in any direction. However, the average daily RSI is currently below 43.90, reflecting recent market conditions. 

This situation creates an ideal situation for a bullish continuation, making these assets prime candidates for a strong upward move this  week, thus presenting a clear trading buy signal.

Injective (INJ) shows strong buy signals

Injective (INJ) is currently showing strong buy signals based on its recent performance and technical indicators. The 24-hour RSI of 66.31, combined with a notable price increase of 21.43%, indicates strong upward momentum. This suggests that INJ is experiencing significant buying pressure and is likely to continue its bullish trend.

Crypto Market RSI Heatmap, daily chart: INJ. Source: CoinGlass

RSI values across shorter time frames, notably 15 minutes to 12 hours, consistently remain above 60. This reinforces the immediate buying interest and potential for quick gains, making INJ an attractive option for both short-term traders and long-term investors seeking growth. At press time, INJ is trading at $32.524.

Oasis (ROSE) demonstrates robust performance

Oasis (ROSE) has demonstrated a robust performance with a 24-hour RSI of 68.61 and a price increase of 21.29%. The consistent RSI values across multiple time frames, from 15 minutes to 12 hours, highlight ongoing buying pressure. This suggests sustained market confidence in this asset.

Crypto Market RSI Heatmap, daily chart: ROSE. Source: CoinGlass

The weekly RSI of 59.13 further supports the notion of continued positive sentiment, making ROSE an appealing choice for investors looking for assets with solid growth potential. At press time, ROSE is trading at $0.13276.

The significant price movements and technical strength in both INJ and ROSE indicate that they are in buy zones, presenting compelling opportunities for investors and traders to capitalize on their current bullish trends. 

Despite the potential buy signals for these two strong cryptocurrencies, the market is volatile, and things can change quickly. Investors should remain vigilant and stay informed about market conditions.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk

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