Cryptocurrency markets continue to be uncertain, with some altcoins experiencing both overbuying and overselling. Amidst these fluctuations, the prices of Bitcoin and Ethereum remain volatile. Recent data shows that many altcoins are in the oversold region, and we have analyzed two of them for you.
Analysis of Avalanche (AVAX)
Recent data on Avalanche (AVAX) reveals significant information. The 24-hour RSI for AVAX is at 29.33, indicating that it is in the oversold region. For the latest financial and business news, you can visit COINTURK FINANCE.
Historical data suggests that cryptocurrencies with such low RSI values often see price increases. However, it is important to note that there is no guarantee that the price will rise. On the other hand, AVAX’s price has dropped by 6.7% in the last 24 hours, indicating that sales are continuing rapidly.
The average RSI value for AVAX is 34.76, which shows that the cryptocurrency is experiencing a larger oversell compared to other altcoins in the market. This reflects its potential for recovery.
Is Starknet (STRK) Worth Buying?
Starknet (STRK) has also faced significant selling pressure, similar to AVAX. RSI value analyses and other technical indicators suggest buying signals, although they are not definitive.
The 24-hour and 12-hour RSI values for STRK are below 30, indicating an oversold condition. These values are calculated as 26 and 26.48 respectively, indicating strong overselling. If the bears are exhausted, this overselling situation could make STRK a candidate for cryptocurrencies with potential price increases.
Like AVAX, STRK has experienced a decline in the last 24 hours, but it was only a 1.5% decrease. Despite the overselling RSI indicators, the slowdown in the decline can be interpreted as investors starting to buy the dip and gradually looking for profit opportunities.
The average RSI value for STRK is 34.76, which suggests that it is oversold compared to the market, similar to AVAX.
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Disclaimer: The information provided in this article is not investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks. They should conduct their own research.