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Cardano (ADA), Shiba Inu (SHIB), XRP Among Top Crypto Flashing Buy Signals – Crypto News

Published

1 year ago

May 8, 2024

Dripp

As Bitcoin price stays strong above despite rising uncertainty in the crypto market, altcoins look extremely cheap for buying and making massive gains in the bull market. New data reveals Cardano (ADA), Shiba Inu (SHIB), and XRP are potential buy after the recent selloff.

Cardano, Shiba Inu, and XRP in Buy Zones

On-chain platform Santiment on May 7 revealed Bitcoin, Ethereum, and other top altcoins are in buy zones. According to the Relative Strength Index (RSI), the majority of top cryptocurrencies are flashing buy signals. The recent selloff in the crypto market has caused RSI to dip near the oversold level, with Cardano (ADA) as the most potential “buy low” candidate.

Cardano has an RSI of 32, indicating huge potential in ADA price to give better returns when purchased at the current level. ADA price currently trading at $0.45 and analysts predicted high odds of hitting the $0.75 level again in this year.

Shiba Inu (SHIB) is second in the list of potential low buy as it’s in a slight buy zone, with an RSI of 38. Investors eyeing massive profit this bull run are expected to invest in this dog-themed meme coin. SHIB price saw a massive rally recently amid the meme coin mania in March. The whales booked profits in SHIB and are likely to get in the meme coin again as the Shiba Inu team revealed developments, including raising $12 million via TREAT token from popular crypto investors.

XRP price momentum has been volatile amid the developments in the Ripple vs SEC lawsuit. The XRP lawsuit is likely to end this year, with a final ruling by Judge Torres expected in September. XRP has an RSI of 46, with traders awaiting lkey developments to enter the crypto. XRP price is currently trading at $0.54 and have not seen much price action due to the SEC lawsuit.

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Bitcoin Prices to Rally?

The crypto market has pulled back to bearish sentiment recently after Bitcoin hit a new all-time high of $74,000. Experts such as Standard Chartered, Michael van de Poppe, and Ali Martinez have predicted Bitcoin price to surpass $100K this year.

Spot Bitcoin ETFs have also started to witness inflow again after weeks of outflows. US Bitcoin ETFs recorded net inflows of $217 million on Monday. Wall Street saw positive sentiment amid growing anticipation of Fed rate cuts and the ceasefire in the Israel-Hamas conflict.

BTC price fell 1% in the past 24 hours, with the price currently trading at $62,933. The 24-hour low and high are $62,746 and $64,390, respectively. Furthermore, the trading volume has decreased by 8% in the last 24 hours, indicating a lack of interest among traders. The price to pick upside momentum to $80,000 after confirmation of a breakout above $65,000.

Trading in the derivatives market suggests traders remain bullish on Bitcoin price hitting a new all-time high as calls options rise.