In the world of cryptocurrencies, there is a mix of uncertainty along with some altcoins experiencing both overbuying and overselling. Despite this, the prices of Bitcoin and Ethereum continue to fluctuate. Recent data suggests that many altcoins are currently oversold, and we have delved into the analysis of two of them for you.
Avalanche (AVAX) Analysis
Recent data on Avalanche (AVAX) reveals some interesting insights. The 24-hour Relative Strength Index (RSI) for AVAX is at 29.33, indicating that it is in the oversold territory. For the latest financial and business news, check out COINTURK FINANCE.
Historical data shows that cryptocurrencies with such low RSI values often see price increases, although there are no guarantees. On the flip side, AVAX’s price has dropped by 6.7% in the last 24 hours, suggesting that selling pressure is still strong.
The average RSI value of 34.76 for AVAX indicates that the cryptocurrency is more oversold compared to other altcoins, hinting at its potential for recovery.
Is Starknet (STRK) Worth Buying?
Starknet (STRK) seems to be facing similar selling pressure to AVAX. While RSI value analyses and other technical indicators point towards buying signals, they are not conclusive.
The 24-hour and 12-hour RSI values for STRK are below 30, indicating an oversold condition. These values stand at 26 and 26.48 respectively, showing strong selling pressure. This oversold scenario could position STRK as a potential candidate for price increases if the selling pressure eases.
Like AVAX, STRK also saw a decline in the last 24 hours, but it was a modest 1.5% decrease. Despite the oversold RSI indicators, the slowdown in the decline could suggest that investors are starting to buy the dip and considering potential profits.
STRK has an average RSI value of 34.76, indicating that it is oversold compared to the market, much like AVAX.
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Disclaimer: The information provided in this article is not intended as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research before making any investment decisions.
