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Buy signal for 2 oversold cryptocurrencies this week

Buy signal for 2 oversold cryptocurrencies this week

Fear has taken over as the dominating sentiment in the cryptocurrency market since the start of April. Cryptocurrencies have crashed by over 5% and many are now oversold in what could be a “buy the dip” signal.

In a staggering turn of events, the crypto landscape went from bullish to bearish in a few days. Notably, the overall Relative Strength Index (RSI) evidences that with an average 4-hour RSI of 35.33, according to CoinGlass.

Crypto market 4-hour RSI heatmap. Source: CoinGlass

Currently, many cryptocurrencies navigate between weak to oversold in the 4-hour momentum indicator, which could hint at two possible scenarios:

First, this could indicate an overall trend reversal and a bearish dominance moving forward. However, the dip can create buying opportunities for mid to long-term investments, acting as a buy signal for savvy investors.

From an optimistic perspective, Finbold selected two short-term oversold cryptocurrencies to consider buying in this crash. For that, we want a strong combination of a below-average 4-hour RSI and an above-average daily RSI.

Buy signal for Near Protocol (NEAR)

In this context, the Near Protocol (NEAR) has one of the most promising buy signals according to this technical indicator.

Besides solid fundamentals and strong growth in 2024, NEAR has lost 6.21% in this dip, trading at $6.30. The token now shows a 4-hour RSI of 31.35, while holding a daily RSI of 47.46. Therefore, above the cryptocurrency market’s daily average of 45.10.

Crypto market daily RSI heatmap, NEAR. Source: CoinGlass

Buy the dip? Bitcoin (BTC) is oversold

Bitcoin (BTC) is also a possible strong buy at the current dip, with a similar status as the Near Protocol. The leading cryptocurrency has a 31.73 and 47.41 4-hour and daily Relative Strength Index, respectively.

Bitcoin is trading at $64,428 after losing 4.78% of its price in the last 24 hours.

Crypto market daily RSI heatmap, BTC. Source: CoinGlass

Nevertheless, having an oversold RSI status does not guarantee price recovery. Understanding this extreme-weakness indicator is vital for investors looking to buy signals. Cryptocurrencies are highly volatile assets, and everything can change in the blink of an eye.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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