Buy signal for two strong cryptocurrencies this week

This week’s cryptocurrency market has been influenced by renewed optimism following a Republican victory in the U.S. elections, with Donald Trump securing a second term.

This sentiment has propelled Bitcoin (BTC) to a new all-time high, surpassing $77,000 on November 9. As a result, the broader market has experienced notable gains, especially in major altcoins.

In light of this momentum, Finbold examined the Relative Strength Index (RSI) heatmap from CoinGlass on November 9, to identify emerging buy signals that could guide investors through the shifting market landscape.

Among them, Binance Coin (BNB) and Sui (SUI) show strong buy signals across various technical indicators, positioning them as favorable picks for traders seeking short-term gains.

Binance Coin (BNB)

Binance Coin, currently priced around $616.36, is displaying strong buy signals. The 24-hour RSI sits at 62.19, reflecting a moderately bullish sentiment without reaching overbought levels.

This suggests a healthy balance of buying interest, positioning BNB for potential gains while still allowing room for upward movement.

Supporting this positive outlook, BNB’s four-hour and 12-hour RSI’s remain in the low 60s, signaling increasing buying pressure over shorter time frames.

BNB’s moving averages further reinforce the bullish perspective, with key Exponential Moving Averages (EMAs) positioned firmly in buy territory. Additionally, Momentum Oscillator, also point to an upward trend, suggesting sustained bullish momentum.

Sui(SUI)

Sui (SUI) is also showing promising buy opportunity, backed by solid technical indicators that support a bullish outlook.

The RSI readings across the one-hour at 63.37 and four-hour at 64.8, time frames show strong buying momentum. These levels remain below overbought territory, suggesting there is room for continued growth as momentum builds steadily without an immediate risk of a pullback.

Additionally, the Momentum and MACD indicators support this outlook, with SUI posting a notable 24-hour price increase of 5.93%. This gain signals growing buying pressure, which could continue to drive prices higher.

Given the recent market rally and strong technical indicators, both BNB and SUI present attractive buy options this week.

BNB’s balanced yet bullish RSI and solid support from moving averages signal a stable foundation for growth, while SUI’s consistent uptrend and alignment across key indicators make it an appealing choice for traders.

Despite these potential buy signals, the market is volatile, and conditions can shift quickly.

Investors should remain vigilant, stay informed about market developments, and approach with caution to effectively navigate the ongoing market landscape.

Featured image via Shutterstock

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