Per the analysis, most digital currencies are trending upwards as relative-strength-index momentum has begun to turn upward from neutral. The tendency purportedly indicates strength in the markets.
Rob Sluymer, a technical strategist at Fundstrat, told Bloomberg that he is recommending investors demonstrate patience in the wake of the crypto markets’ surge in May, but stressed that there are early signs of potential new gains. Sluymer said:
“Another upside attempt appears to be developing for most cryptocurrencies. Increase exposure. We expect bitcoin to stage another rally from current levels toward next resistance between $8,800–$9,000.”