With the recent plunge in Bitcoin’s daily relative strength index (RSI), dropping under 20 – a dip that resembles the plummet seen during the March 2020 COVID-19 crash – chatter around a potential price rebound has started to gather steam. Historically, bouts of such extreme conditions where the RSI shifts, colloquially termed as oversold conditions, have been preludes to notable price recoveries. At present, Bitcoin is lingering at $26,118, a tiny drop of 0.30% for the day and a staggering decrease of 10.91% since the last week.
Nonetheless, the RSI doesn’t provide foolproof assurance of future price hikes. Bitcoin maintains a reputation of being highly mercurial, courtesy to various macroeconomic and technological developments. Hence, while gauging the currency’s direction, the RSI is merely one in many factors that analysts recommend weighing. Currently, with Bitcoin yearning for support and burrowing for signs of recovery, Rollbit Coin, Wall Street Memes, Monero, Sonik Coin, and Optimism rise to the top as the best cryptos to rope in, owing to their strong fundamentals and a positive technical analysis.
Rollbit Coin (RLB) exemplifies resilience, bouncing 18.42% in the green today after a week-long downtrend. It is performing robustly, resulting in a price of $0.16417. Factors such as trading above the 20-day EMA and a substantial RSI shift toward bullish sentiment contribute to this newfound buoyancy.
On the other hand, Wall Street Memes coin has been seen gaining traction all through the shakiness of the market lately. With its $WSM token presale nearing the $30 million line, and staking services, and exchange listings on the anvil, the community-driven project reads promising prospects, including a major product release, which is soon expected.
Monero (XMR) is also painting a hopeful picture with a fourth consecutive day of positive price action. Although under the shadow of resistance at the moment, it shows a decreased selling pressure and a slowing downward momentum. Monero is trading at $147.7, suggesting a possible trend-reversal and a potential rally toward its 50-day and 100-day EMAs.
Meanwhile, Sonik Coin ($SONIK) brings in a gust of nostalgic novelty, aiming to lead the pack by tying itself to the iconic Sonic the Hedgehog SEGA franchise. With a powerful pop culture appeal, initial success in its presale, and a drive to build an engaged community, Sonik Coin shows a roadmap to success.
Finally, Optimism (OP) is making waves of potential recovery with an encouraging 4.62% price rise. With a positive trend in RSI, a rising MACD histogram, and an increase in the market cap, heightened activity might bring in more price action.
In conclusion, the crypto landscape — though seemingly erratic — harbors a range of possibilities, carrying both gains and risks inherent in such an asset class. As always, let caution be the wind in your sails while navigating these turbulent waters.
Source: Cryptonews
