Cryptocurrency Market Update: Sell Signals for Overbought Assets

Tuesday, 19 March 2024, 16:23

This post discusses how despite an overall crypto market crash, some assets remain overbought according to the Relative Strength Index (RSI). Two specific cryptocurrencies, TraderJoe (JOE) and Space ID (ID), are highlighted with potential sell signals even amidst market volatility.
https://store.livarava.com/39a1ebdc-e60d-11ee-9685-5254a2021b2b.jpe
Cryptocurrency Market Update: Sell Signals for Overbought Assets

Overview

Despite a massive $230 billion crypto market wipeout, certain assets remain overbought. The daily RSI of cryptocurrencies has shifted significantly, indicating potential market changes.

TraderJoe (JOE) observation

TraderJoe (JOE) is still overbought with a 24-hour RSI of 74.83. Despite a price drop, the token shows strength in the weekly chart and the 7-day RSI of 60.61 might invalidate the sell signal.

Space ID (ID) analysis

Space ID (ID) presents an overbought status with a daily RSI of 73.63. The protocol competes with Ethereum Name Service (ENS) on the Ethereum network.

Although these assets show sell signals, remember that an overbought RSI alone doesn't guarantee a price crash. Traders should examine multiple factors before acting.


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.


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