- The cryptocurrency market has experienced a significant decline, with the total market value dropping from $2.49 trillion to $2.21 trillion in the past month.
- Leading cryptocurrency Bitcoin fell to $60,844.77 during the week, while leading altcoin Ethereum dropped below the critical $3,000 level.
- Despite the overall market downturn, the 1-week general relative strength index (RSI) at 48.70 indicates not all assets have been equally affected, with some nearing oversold regions, potentially signaling buying opportunities.
Amid a market downturn, two cryptocurrencies, Manta Network (MANTA) and Frax Share (FXS), show potential buying signals, according to crypto analyst Aneena Alex.
Manta Network (MANTA) Leads in Oversold Assets
Currently trading at $1.66, MANTA stands out among oversold assets, having experienced a significant 38.10% decline over the past month. Combined with a weekly RSI of 28.02 and a 24-hour RSI of 38.27, these indicators suggest MANTA is in oversold territory. These technical indicators, coupled with MANTA’s strong fundamentals, point to a potentially undervalued asset ready for a rebound.
Frax Share (FXS) Follows a Similar Pattern
Another cryptocurrency showing similar formations is Frax Share (FXS), currently trading at $4.26. The token has seen a 35.39% decline during the same period. Weekly and 24-hour RSI levels of 29.21 and 38.06, respectively, indicate FXS is nearing the oversold region. This technical evaluation makes FXS an attractive investment option for those considering entering the market during this downturn, signaling a potential price rebound.
Market Landscape Presents Opportunistic Scenario
Both MANTA and FXS are showing significant price declines accompanied by low RSI values, placing them among potentially oversold tokens. For technically inclined investors, these cryptocurrencies are signaling noteworthy buying opportunities based on current market valuations and technical indicators. However, it’s important to remember that market conditions can change rapidly, and the high volatility of cryptocurrencies should not be overlooked.
Conclusion
The current market downturn presents a challenging yet opportunistic scenario for investors. While the overall market has seen a decline, certain cryptocurrencies like MANTA and FXS are showing potential buying signals based on their technical indicators and current valuations. However, investors should always conduct their own research and consider the inherent volatility of cryptocurrencies before making investment decisions.
