These two cryptocurrencies are showing strong bullish signs
With the end of October, Bitcoin (BTC) and other cryptocurrencies entered the expected upward movement known as “Uptober”, breaking a prolonged downtrend. The leading cryptocurrency has recovered from the lows of October 10th when it was below $60,000. It then stabilized around US$68,000, recently reaching highs above US$71,000.
Now, by analyzing the Relative Strength Index (RSI), through the CoinGlass heatmap on October 30, it is possible to identify buying signals in the market. These signals can guide investors amid changes in the scenario.
Although the four-hour average RSI of 54 and daily RSI of 49.55 reflect a neutral trend for the overall market, cryptocurrencies Dogecoin (DOGE) and Aave (AAVE) stand out as potential bullish assets.
Cryptocurrencies with bullish signals
According to the RSI heatmap and technical indicators, Dogecoin presents itself in a favorable buying position in the current scenario. Short-term indicators such as the 15-minute RSI at 43.01 and the one-hour RSI at 44.02 suggest that DOGE is still in a neutral zone. In other words, there is still room for an increase in purchasing pressure.
However, on longer time frames, DOGE gains strength on the RSI, with 62.82 in the four hours, 70.01 in the 12 hours and 70.89 in the 24 hours. These levels are generally associated with a sustainable uptrend.
Furthermore, the moving averages reinforce this positive outlook. After all, the 10-day exponential moving average (EMA) is at 0.15104 and the 200-day exponential moving average (EMA) is at 0.12058, all indicating “buy”. This alignment between multiple ranges suggests that buying interest could support a price increase for DOGE. This makes memecoin a promising choice for investors looking to take advantage of the current bullish momentum.
Aave (AAVE)
DeFi cryptocurrency Aave also appears attractive for potential gains based on its RSI readings and technical indicators. In the short term, the 15-minute RSI at 60.05 and the one-hour RSI at 63.9 indicate moderate buying pressure without reaching the overbought level, which suggests room for further upside if the positive trend continues.
This initial increase in buying pressure is corroborated by the four-hour RSI at 66.9, which reflects an uptrend, indicating that AAVE may be close to an appreciation in the medium term. Furthermore, the 12-hour RSI levels at 59.33 and 24-hour RSI levels at 56.2 show continued buying interest, aligning with a trend that could continue.
Complementing the RSI, the moving averages also indicate a positive trend. From the 10-day EMA at 150.57 to the 200-day EMA at 122.50, all major averages point to buy signals, reinforcing a solid support scenario for AAVE, which could indicate support for these levels.
The combination of buy signals for AAVE and DOGE suggests earning opportunities. While AAVE stands out for its growth potential in the medium to long term, DOGE presents favorable short-term conditions for immediate gains. However, the market remains volatile and conditions can change quickly.