Cardano

Render

Token

when

THORChain

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin’s Relative Strength Index (RSI) could indicate potential rebounds for altcoins like RUNE, RNDR, and ADA.</li> 
 <li>Despite a bearish phase, certain altcoins may present promising investment opportunities.</li> 
</ul>  
<p>Despite the recent downturn in the cryptocurrency market, particularly the altcoin sector, some altcoins might offer promising investment opportunities. </p> 
<p>The altcoin sector peaked at a market capitalization of $1.28 trillion in March but has since dipped below the $1 trillion mark. </p> 
<h2 id="bitcoin-s-rsi-and-altcoin-opportunities">Bitcoin’s RSI and Altcoin Opportunities</h2> 
<p>According to Sheldon The Sniper, a notable crypto analyst, Bitcoin’s Relative Strength Index (RSI) can be used to identify potential buy zones for altcoins like THORChain [RUNE], Render Token [RNDR], and Cardano [ADA]. </p> 
<p>Sheldon notes that when Bitcoin’s RSI dips into certain levels, it often precedes rallies in select altcoins like RUNE and ADA. </p> 
<p>Despite the broader market’s struggles, there are pockets of potential that could benefit astute investors. </p> 
<p>At press time, Bitcoin was trading at $60,746, with a 1.5% decrease in the last 24 hours, and its RSI had reached a critical zone that could indicate an impending shift in market sentiment. </p> 
<h2 id="altcoin-analysis-the-case-of-cardano">Altcoin Analysis: The Case of Cardano</h2> 
<p>Sheldon highlighted RUNE, RNDR, and ADA as potential buys, but it’s crucial to delve into their fundamentals to verify their attractiveness as investment opportunities. </p> 
<p>Taking Cardano as a case study, data from Santiment showed that Cardano’s daily active addresses have significantly decreased, falling from 36,000 on the 24th of June to just under 8,000 recently. </p> 
<p>This sharp reduction suggested diminishing network activity, which could negatively impact ADA’s price. </p> 
<p>Further, IntoTheBlock data revealed that large-scale investors, or whales, may currently find ADA less attractive. </p> 
<p>The number of transactions exceeding $100,000 has declined from 7,000 on the 24th of June to 4,000 at press time, signaling a potential withdrawal of investor interest. </p> 
<p>There has been a significant increase in Open Interest volume, which surged nearly 50% to $307 million, indicating mixed market signals. </p> 
<p>These downward trends in key metrics not only suggested a price decline but also have placed about 74% of ADA holders at a loss. </p> 
<p>This situation poses a critical question: will this lead to increased selling pressure?</p>

Deciphering Bitcoin’s Signals: When to Invest in ADA, RUNE, RNDR

Table of Contents

CoinEagle.com

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