Cryptocurrencies are rebounding following a significant crash amidst concerns about the “September Effect” and positive macroeconomic indicators like US jobs and CPI. As the cryptocurrency market prepares for a 2024 bull run, two tokens are showing strong momentum.
Recently, data from CoinGlass’s Relative Strength Index (RSI) heatmap on September 11 revealed a strengthening market momentum approaching the 50-point neutrality indicator, currently at 48.79.
With declining job data and a decrease in year-over-year Consumer Price Index (CPI) inflation, the Federal Reserve may opt for an interest rate cut, potentially fueling this strong momentum. The latest CPI year-over-year data indicates a 2.5% inflation rate, slightly lower than the previous month’s results but in line with market expectations.
One standout in the crypto space is Aave (AAVE), a successful decentralized finance (DeFi) protocol, widely used by investors for lending and borrowing tokens. AAVE currently trades at $147.7, up by 17.36% in the past 12 hours, demonstrating solid momentum with an RSI above 60 points across different time frames.
Meanwhile, Fantom (FTM), now known as Sonic (S) due to an announced brand migration, also exhibits a strong RSI at 63.69 in the 12-hour time frame. However, unlike AAVE, other time frames show a more neutral momentum as traders assess the brand migration.
It’s important for traders to not rely solely on indicators like RSI but to consider various data sources, analyst insights, and price charts for informed decision-making. Remember, investing in cryptocurrencies carries risks and should be approached cautiously.