As uncertainties persist in the world of cryptocurrencies, some alternative coins are experiencing both overbuying and overselling. Amidst this volatility, Bitcoin and Ethereum prices continue to fluctuate. Recent data reveals that many altcoins are currently in the oversold region, and we have analyzed two of them for you.
Avalanche (AVAX) Analysis
The analysis of Avalanche (AVAX) provides significant insights. The 24-hour Relative Strength Index (RSI) for AVAX is currently at 29.33, indicating that it is in the oversold region. To stay updated on the latest financial and business news, visit COINTURK FINANCE.
Historical data suggests that cryptocurrencies with such low RSI values often experience price increases. However, it is important to note that there is no guarantee that the price will indeed rise. Additionally, AVAX’s price has dropped by 6.7% in the last 24 hours, indicating ongoing rapid sales.
The average RSI value of 34.76 for AVAX suggests that the cryptocurrency is experiencing a larger oversell compared to other altcoins in the market, which reflects its potential for recovery.
Is Starknet (STRK) Worth Buying?
Starknet (STRK) has also faced significant selling pressure, similar to AVAX. Analyses of the RSI values and other technical indicators suggest potential buying signals, although they are not definitive.
The 24-hour and 12-hour RSI values for STRK are both below 30, indicating an oversold condition. Specifically, these values are calculated as 26 and 26.48, respectively, indicating strong overselling. If the bears become exhausted, this oversold situation could make STRK a candidate for cryptocurrencies with potential price increases.
Like AVAX, STRK has experienced a decline in the last 24 hours, but it is only a 1.5% decrease. Despite the oversold RSI indicators, the slowdown in the decline can be seen as investors starting to buy the dip and gradually looking towards profit.
With an average RSI value of 34.76, STRK is also considered oversold compared to the market, similar to AVAX.
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Disclaimer: The information provided in this article is not intended as investment advice. Investors should be aware that cryptocurrencies carry high volatility and risk, and should conduct their own research.
