Identifying Sell Signals for 2 Overbought Cryptocurrencies in April
Tuesday, 26 March 2024, 18:23
Overview
After weeks of volatility, some cryptocurrencies show overbought conditions, potentially signaling a future market correction.
Identifying Overbought Status
The Relative Strength Index (RSI) is used to determine the momentum of an asset, with values above 60 suggesting a bullish trend
- RSR: Current daily and weekly RSI readings of 73.48 and 88.78 indicate overbought status.
- DUSK: Daily and weekly RSI values of 76.35 and 88.16 show similar overbought signals.
Despite the technical analysis suggesting a sell signal, external factors such as institutional interest may impact future price movements.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.