There’s a Buy Signal for Those 2 ‘Oversold’ Altcoins!

Bitcoin and altcoin markets continue to follow a volatile course. The total market value is around 2.47 trillion dollars with a change of 0.8% in the last 24 hours. The transaction volume reached 48.8 billion dollars, indicating high investor activity and interest.

Bitcoin and ETH dominate the market: But these 2 altcoins stand out

Bitcoin (BTC) and the leading altcoin Ethereum (ETH) dominate the market with rates of 51.3% and 17.3%. Despite this activity, the Relative Strength Index (RSI) value of the general market was measured as 34.76. This indicates that many crypto assets may be in oversold territory. This situation offers an opportunity for smart investors to benefit from a potential rise by identifying cryptocurrencies that are undervalued in the short term (within this week). With an optimistic perspective, analyst Aneena Alex highlighted two cryptocurrencies that are in the oversell zone in the short term and have low RSI values, according to CoinGlass data.

First, Avalanche (AVAX) has several factors that could make it an attractive investment. AVAX, with its 24-hour RSI value of 29.33, is in the oversold region. Historical information shows that assets with such low RSI values ​​often experience price corrections. However, oversold conditions do not always guarantee an increase and the market may remain oversold for a long time.

There is a decrease in price

Additionally, AVAX has experienced a 4.7% drop in price in the last 24 hours. This indicates a selling wave to which the market may have reacted strongly. This decline offers a potential entry point for investors looking to benefit from the subsequent price recovery. Another factor supporting the buy signal is that AVAX’s momentum indicator is currently giving a buy signal that reflects positive momentum despite the oversold situation. Williams % Range, another momentum indicator, also shows that AVAX is currently in oversold territory and may be a buying opportunity.

While strong sell signals from moving averages reflect the recent bearish trend, oversell signals and positive momentum indicators highlight the potential for a bullish reversal. The average market RSI value of 34.76 indicates that AVAX is in more oversold territory compared to the overall market, increasing its recovery potential.

Starknet is another crypto giving a buy signal

Starknet (STRK) also provides various buy signals based on RSI and other technical indicators. STRK, with both 24-hour and 12-hour RSI values ​​below 30, is experiencing a strong oversold situation with values ​​of 26 and 26.48, respectively. This makes STRK a suitable candidate for a potential price rise. In contrast to AVAX, STRK has experienced a 0.98% increase in price in the last 24 hours. This positive momentum, despite the oversold RSI value, suggests that the market is starting to realize that the price is undervalued and this could lead to further price gains.