We have witnessed significant volatility in the cryptocurrency market in recent days. During this period, many assets moved from overbought to more neutral or oversold positions based on their Relative Strength Index (RSI) values. However, some cryptocurrencies have defied this trend. These have made significant gains while maintaining high RSI levels. Crypto analyst Aneena Alex spotted this sell signal using CoinGlass’ momentum indicator. The analyst notes that the price of 2 altcoins typically faces the possibility of a pullback.
The first altcoin giving a sell signal: Ethereum Name Service (ENS)
ENS token is currently trading at $20.82. The token has increased by 4.40% in the last 24 hours. RSI levels indicate high activity. In the latter case, the 1-hour RSI is at 50.03, the 4-hour RSI is at 77.73, the 12-hour RSI is at 76.41 and the 24-hour RSI is at 69.57. Typically, RSI values above 70 indicate overbought conditions. Therefore, this is a potential sell signal.
Brantly Milligan, a former core team member, recently sold $14.14 million worth of ENS tokens. This sale coincided with a significant price increase. Meanwhile, ENS has risen 57% in the last 7 days and 36% in the last 30 days. Additionally, altcoin transaction volume increased by 44% in the last 24 hours. Expert technical analysis shows that ENS is bullish and moving towards the $26.5 resistance level. Given the high RSI levels, the recent significant sell-off, and the upcoming strong resistance, ENS appears overbought and may face a price correction, indicating a selling opportunity for investors.
Second ranked cryptocurrency: Cyber (CYBER)
The cyber token is trading at $9.43, up 6.60% in the last 24 hours. The 15-minute RSI is at 53.75, the 1-hour RSI is at 61.19, the 4-hour RSI is at 78.09, the 12-hour RSI is at 75.53 and the 24-hour RSI is at 58.93. The 4-hour and 12-hour RSI levels are both holding above 75. This shows that Cyber is in the overbought zone. Therefore, this indicates a potential sell signal.
The cryptocurrency market is in a state of flux where assets such as ENS and Cyber are showing resilience and strong bullish trends despite broader market corrections. However, high RSI levels and recent large-scale token sales point to potential sell signals for these overbought assets.
The opinions and predictions in the article belong to the analyst and are definitely not investment advice. cryptokoin.com We strongly recommend that you do your own research before investing.
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