finbold.com
The cryptocurrency market is seeing a positive trend today, with the total market capitalization rising by approximately 2.50% in the last 24 hours to reach $2.35 trillion on May 17.
This includes gains from Bitcoin (BTC) and Ethereum(ETH), which have risen around 2% and 4% respectively on the same day, indicating a potential market recovery after weeks of uncertainties and significant losses.
Amid this recovery, two cryptocurrencies are showing notable strong momentum.In this context Finbold turned to the Relative Strength Index (RSI) heatmap from CoinGlass on May 17 to identify potential buy signals.
Arweave (AR)
Arweave (AR) presents an interesting setup, making it a better buy this week. With a strong weekly RSI of 76.82 points and a strengthening daily RSI of 68.35, AR is on the verge of the ‘strong’ level, typically marked at 60 index points.
A high RSI generally indicates strong momentum, suggesting that the asset is potentially overbought or in a strong uptrend. At the press time, AR trades at $48.94, marking a daily gain of 11%.
Strong Momentum for Pepe (PEPE)
Pepe (PEPE) is another cryptocurrency showing strong momentum, making it a standout buy. Recently, PEPE experienced a remarkable surge, climbing 19% in a week.
The 1000PEPE has a 1-week RSI of 68.74, a 24-hour RSI of 67.44, and 4-hour and 1-hour RSIs of 52 and 53, respectively. These high RSI values indicate robust buying pressure and sustained interest from investors. Its current price stands at $0.0101954, with a 3% increase in the last 24 hours and 88% in a month.
Both Arweave and Pepe are considered better buys this week due to their strong RSI indicators and impressive recent performance. The high RSI values for both cryptocurrencies suggest strong momentum and sustained investor interest, which are critical factors for potential price appreciation.
Additionally, the recent gains indicate a recovery and growing confidence in these assets.
Nonetheless, there are concerns about the sustainability of this rally. The duration of the upside momentum is uncertain, and many believe it’s only a matter of time before the bears step in. Therefore, it is crucial for cryptocurrency investors to conduct thorough research and prioritize robust projects to ensure sound capital allocation.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk