Following a week of low volume, the cryptocurrency market has resumed movement, with the majority of digital assets trading inside a consolidation range. Finbold searched overbought cryptocurrency markets for sell indications in this particular scenario.
Certain projects have kept up a strong momentum despite the general consolidation, which has resulted in an overbought situation. In the coming days, there may be a selling opportunity if these projects encounter difficulties or a change in trend.
Notably, the value of the entire cryptocurrency market shows the recent upswing, having increased by around $160 billion since January 23. By the time of writing, there has been a 10.53% rise in cryptocurrencies until February 8.
Sui Network (SUI) is overbought
Finbold, in particular, noticed on February 8 on CoinGlass's weekly Relative Strength Index (RSI) heatmap an overbought Sui Network (SUI).
With the highest weekly RSI on the market right now, the SUI token is a significant sell signal at existing prices. Sui has up 3.16% in the last seven days as of this writing, but its overbought RSI is 79.64.
Furthermore, with the exception of the daily RSI, it also exhibits weakness in all other time frames. The Sui Network digital asset may see a trend reversal at any time, as indicated by this short-term weakness.
Furthermore, with the exception of the daily RSI, it also exhibits weakness in all other time frames. The Sui Network digital asset may see a trend reversal at any time, as indicated by this short-term weakness.
Sell signal for Injective (INJ)
Similar to SUI, Injective (INJ) indicates a trend reversal with its low time frame RSIs. Interestingly, other cryptocurrencies have higher RSI points in the seven-day time frame; however, INJ has the highest divergence between its weekly status and the short-term indicators - all below the market's average. INJ is another potentially overbought cryptocurrency. As of press time, the token was trading at $32.82 and up 1.44%.
Investors looking to sell signals need to understand this extreme-strength indicator.
However, an overbought RSI does not ensure a market collapse or trend reversals. Because of the extreme volatility of the bitcoin market, projects typically react quickly to breaking news and noteworthy occasions.
Notice: Nothing on this website should be construed as investment advice. Investing is a risky endeavor. Investing involves a risk to your capital.
However, an overbought RSI does not ensure a market collapse or trend reversals. Because of the extreme volatility of the bitcoin market, projects typically react quickly to breaking news and noteworthy occasions.
Notice: Nothing on this website should be construed as investment advice. Investing is a risky endeavor. Investing involves a risk to your capital.
Post a Comment