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Sell signal for 2 overbought cryptocurrencies this week

Sell signal for 2 overbought cryptocurrencies this week

In recent days, the cryptocurrency market has experienced significant volatility, with many assets shifting from overbought to more neutral or oversold positions based on their Relative Strength Index (RSI) readings. 

However, some cryptocurrencies have defied this trend, securing substantial gains while maintaining high RSI levels.

Finbold identified this sell signal using CoinGlass’s momentum indicator, noting that overbought cryptocurrencies typically face the likelihood of retracement

Ethereum Name Service (ENS)

The ENS token is currently trading at $20.82, marking a 4.40% increase in the past 24 hours. The RSI levels indicate high activity: the 1-hour RSI is at 50.03, the 4-hour RSI is at 77.73, the 12-hour RSI is at 76.41, and the 24-hour RSI is at 69.57.

Typically, RSI values above 70 indicate overbought conditions, suggesting a potential sell signal.

Crypto market daily RSI heatmap, ENS. Source: CoinGlass

Brantly Milligan, a former core team member, recently sold $14.14 million worth of ENS tokens, coinciding with a significant price surge. ENS has risen 57% over the past 7 days and 36% over the past 30 days, with a 44% increase in trading volume in the last 24 hours.

Expert technical analysis indicates ENS is bullish and heading towards the $26.5 resistance level. Given the high RSI levels, significant recent sales, and approaching strong resistance, ENS appears overbought and may face a price correction, signaling a sell opportunity for investors.

Cyber (CYBER)

The Cyber token, previously known as CyberConnect, is trading at $9.43, up 6.60% over the past 24 hours. The 15-minute RSI is at 53.75, the 1-hour RSI is at 61.19, the 4-hour RSI is at 78.09, the 12-hour RSI is at 75.53, and the 24-hour RSI is at 58.93.

Crypto market daily RSI heatmap, CYBER. Source: CoinGlass

With the 4-hour and 12-hour RSI levels both above 75, Cyber appears to be in overbought territory, indicating a potential sell signal.

The cryptocurrency market is in a state of flux, with assets like ENS and Cyber showing resilience and strong bullish trends despite broader market corrections.

However, high RSI levels and recent large-scale token sales indicate potential sell signals for these overbought assets.

Investors are advised to stay informed about market dynamics and technical indicators to navigate this volatile environment effectively.

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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