Bitcoin (BTC) price has been trapped within a specific price range for the past three months. However, the recent approval of an ETF for Ethereum (ETH) has sparked a rise in the market. While the future of the cryptocurrency market remains uncertain, some altcoins have been identified as overbought. CoinGlass data reveals that the 24-hour relative strength index (RSI) heat map showed signs of overbuying in these altcoins, particularly on May 29. Let’s take a closer look at two of them.
Latest Update on Bounce Token (AUCTION)
One of the altcoins we examined is Bounce Token (AUCTION). The 24-hour RSI indicator for AUCTION suddenly shifted from an oversold position to an overbought situation. According to CoinGlass’s data, the token is currently trading at $24.54 after experiencing a 35% increase in the last 24 hours. For more financial and business news, visit COINTURK FINANCE.
On the hourly chart, AUCTION’s RSI value is at 91.76, indicating a significant level of overbuying in a short period. The 4-hour, 12-hour, and 24-hour RSI values for AUCTION are 89.14, 82.94, and 75.99, respectively. However, when looking at the weekly timeframe for Bounce Token, the momentum appears weak at 35.62, suggesting a lack of short-term continuity.
Insights on ConstitutionDAO (PEOPLE)
Another cryptocurrency showing overbought signals is ConstitutionDAO token PEOPLE. Unlike the overall market, PEOPLE has attracted attention with its positive price movement, and the weekly RSI value seems to have reached an overbought state after this process. However, the recent price movements have caused a turnaround. During the day, the PEOPLE token saw a 1.81% increase, but following the latest outlook, the price dropped by 12% to $0.07964. This was in line with the indicators that suggested such a situation.
Although the overbought RSI indicator on the PEOPLE side led to a correction, it is important to note that there is no guarantee of a correction in cryptocurrencies. It is also crucial to understand that these indicator changes often occur after bull markets demonstrate strength and are typically seen during ongoing bull market periods.
For more news, follow us on Telegram, Facebook, Twitter, and Coinmarketcap.
Disclaimer: The information provided in this article should not be considered investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.
