- The cryptocurrency market has recently experienced a turbulent period, leaving many investors in a state of uncertainty.
- Amidst this chaos, many cryptocurrencies have swiftly transitioned from overbought situations to more neutral and even oversold positions according to their RSI values.
- However, some assets have managed to change the trend by achieving significant gains.
Crypto analyst Aneena Alex has identified sell signals for two tokens based on CoinGlass data, highlighting the inevitability of a pullback for overbought cryptocurrencies.
First cryptocurrency signaling sell: Tellor (TRB)
Tellor (TRB), a blockchain-based oracle network and a strong competitor to Chainlink (LINK), has recently exhibited an extraordinary price increase. The token price rose from a low level of $42.73 to a high of $141.72, achieving this within a week, thereby recording an increase of approximately 200% in its value. This sharp rise elevated its 24-hour RSI value to 79.88 and more notably, its four-hour RSI value to 80.54, indicating an overbought scenario for the token.
Other token signaling sell: Frontier (FRONT)
Frontier (FRONT) presents a similar picture with a 24-hour RSI standing at 74.66 and a four-hour RSI slightly higher at 72.83. The hourly RSI level of 71.82 reflects persistent buying pressure, which has led to a 30% increase in its price in the last day, currently valued at $1.72.
Investors should be cautious!
Given the significant price increases alongside high RSI values for both TRB and FRONT in a short period, cautious investors may consider this moment as the most suitable to potentially take profits before a corrective phase begins. Therefore, it is crucial for investors to closely monitor market signals and broader economic indicators that have the potential to impact cryptocurrency prices.
Conclusion
The views and recommendations in the article belong to the analyst and are not investment advice. As CoinOtag, we recommend that you do your own research before investing. Follow us on Twitter, Facebook, and Instagram to stay updated with the latest developments and join our Telegram and YouTube channels!
