Buy signal for 2 oversold cryptocurrencies this weekend
The post Buy signal for 2 oversold cryptocurrencies this weekend appeared on BitcoinEthereumNews.com.
The cryptocurrency market continues to crash as traders and investors wonder when the digital assets will reach the bottom. In such an unpredictable market, players can look for technical indicators that assist in spotting potentially oversold cryptocurrencies to buy. One of these popular indicators is the Relative Strength Index (RSI), which measures an asset’s momentum based on its activity. The RSI considers a cryptocurrency’s average gains and losses within a 14 trading period. In particular, on September 6, Finbold turned to the 4-hour RSI data from CoinGlass, seeking potentially oversold buying opportunities. As of this writing, this period’s average relative strength index was at 41.23, indicating a neutral to weak momentum. Interestingly, the index considers each cryptocurrency’s average gains and losses over the last two and a half days for the 4-hour time frame, being ideal for spotting oversold cryptocurrencies for the upcoming weekend. Comos (ATOM) most oversold cryptocurrency this weekend First, Cosmos (ATOM) appears as the most oversold cryptocurrency in the last 56 hours, scoring 25.37 index points. ATOM currently trades at $3.847, down 1.54% in the last four hours. Cosmos native token also shows oversold values below a 30 RSI at the 12-hour, daily, and weekly time frames. Therefore, this indicator suggests ATOM could be a potentially good “buy” in the following days, betting on a reversal. Cryptocurrency Market RSI Heatmap – Oversold Cosmos (ATOM). Source: CoinGlass Moreover, the sentiment is mostly negative on social platforms, mirroring the charts. On that note, Caleb Franzen, crypto analyst, believes Cosmos could have one of the worst charts in the whole market. Cosmos $ATOM might just be the worst chart in all of crypto. It’s trading below the pre-COVID highs and is currently at the lowest levels since September 2020…. yes, four years ago! All of the gains from Oct.’23 –…
Filed under: News - @ September 6, 2024 11:25 am