The crypto market is once again showing signs of volatility following a sharp rise in the U.S. Producer Price Index (PPI) to 3% in November, the highest level since February 2023. This unexpected increase, coupled with the acceleration of the Consumer Price Index (CPI) last month, has exceeded market expectations and dampened optimism about a rate cut by the Federal Reserve at next week’s FOMC meeting.
A recent analysis of the Relative Strength Index (RSI) heatmap by CoinGlass, to identify buying opportunities in this turbulent market phase, shows two altcoins sending strong buy signals.
Synthetix (SNX) appears to be an attractive option for traders and investors, thanks to strong RSI statistics and positive technical indicators. With a 24-hour RSI of 65.16, SNX shows solid momentum without entering overbought territory. A recent price drop of 5.2% suggests a healthy consolidation phase, often preceding a bullish breakout, which could be a good time to enter.
The technical analysis is further supported by SNX’s moving averages, with 14 out of 15 averages giving a buy signal, including crucial exponential moving averages (EMA’s) at 10, 20, and 200 periods. With a neutral market RSI of 51.99 over 12 hours, SNX appears well-positioned to benefit from a market recovery, making it an attractive option for both short and medium-term gains.
Alien Worlds (TLM) stands out as a strong buy in the current market, supported by robust technical indicators and sustained momentum. A daily gain of 11.66% reflects renewed investor interest, despite a short-term drop of 8.25% over 12 hours, indicating a consolidation phase.
The technical setup is positive, with 14 buy signals and no sell signals across key statistics, including EMA’s and SMA’s from 10 to 200 periods. This suggests strength in both short-term and long-term trends.
The RSI values of TLM, ranging from 60.47 in 15 minutes to 67.34 in one hour, with a 24-hour average of 64.26, are more favorable than the broader 12-hour market RSI of 51.99. This indicates stronger buying pressure and upward momentum. Oscillators such as the MACD and Momentum indicators confirm this buy signal.
While the buy signals for SNX and TLM are strong, the inherent volatility of the crypto market calls for caution. Investors would do well to remain vigilant, closely monitor market developments, and adapt to changing market dynamics to make informed decisions.
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