The cryptocurrency market has experienced a significant downturn. Total market capitalization fell from $2.49 trillion to $2.21 trillion last month. During the week, the leading cryptocurrency Bitcoin dropped to $ 60,844.77. Leading altcoin Ethereum dropped below the critical level of $3,000. However, the 1-week overall relative strength index (RSI) at 48.70 shows that not all assets are equally affected. Moreover, some are approaching oversold zones, indicating potential buying opportunities, according to CoinGlass data. Crypto analyst Aneena Alex identified 2 cryptocurrencies giving buy signals.
The top cryptocurrency: Manta Network (MANTA)
Under current conditions, MANTA stands out among oversold assets. Currently changing hands at $1.66, MANTA has experienced a significant decline of 38.10% in the past month. This, combined with the RSI of 28.02 during the week and 38.27 in the last 24 hours, indicates that MANTA is oversold. These technical indicators, combined with MANTA’s strong fundamentals, point to a potentially undervalued asset that may be poised for a recovery.
In second place is Frax Share (FXS)
Another cryptocurrency showing similar formations is Frax Share (FXS). The altcoin is currently trading at $4.26. The token saw a 35.39% decline during the same period. RSI levels of 29.21 for the week and 38.06 for the last 24 hours indicate that FXS is approaching the oversold zone. This technical assessment points to a possible price recovery, making FXS an attractive investment option for those considering entering the market during this downturn.
The current market landscape presents a challenging yet opportunistic scenario. Both MANTA and FXS are showing significant price declines accompanied by lower RSI values. This places them among potentially oversold tokens. For technically inclined investors, these cryptocurrencies provide notable buy signals based on current market valuations and technical indicators. However, it is possible for market conditions to change rapidly. Also, we should not forget the high volatility of cryptocurrencies.
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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