The cryptocurrency market is experiencing a significant decline, with total market capitalization falling from $2.49 trillion to $2.21 trillion over the last month. Over the past week, BitcoinBTC5.91%->Current BTC PriceIDR 1,052,618,7935.91%Market CapIDR 20,770 TrillionTrading VolumesIDR 583.38 TrillionCirculating SupplyIDR 19,698,818fell 4.6% to $60,844.77, while Ethereum(ETH)fell 7.19% to $2,903.84.
However, the overall 1-week relative strength index (RSI) was 48.70 indicating that not all assets were affected equally. Additionally, some may be approaching oversold territory, hinting at a potential buying opportunity according to data from CoinGlass.
From an optimistic perspective, Finbold identified two cryptocurrencies that are particularly oversold in the short term, as evidenced by their 1-week RSI readings, and may offer good buying opportunities amid falling markets.
1. MANTA (MANTA)
MANTA emerged as a prominent oversold asset. Currently priced at $1.66, MANTA has seen a significant drop of 38.10% over the past month as of the date of writing.
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This coupled with an RSI of 28.02 for the week and 38.27 for the last 24 hours, indicates that MANTA is very oversold. These technical indicators, combined with MANTA's strong fundamentals, suggest a potentially undervalued asset that may be ready to rebound.
2. Frax Share (FXS)
Another cryptocurrency that shows a similar pattern is Frax Share (FXS), currently priced at $4.26, down 35.39% in the same period. The RSI levels of 29.21 weekly and 38.06 over the last 24 hours indicate that FXS is approaching oversold territory.
This technical assessment indicates a possible price recovery, making FXS an attractive investment option for those considering entering the market during this downturn.
Buying Opportunities Amid Market Decline
The current market landscape presents a challenging yet opportunistic scenario. Both MANTA and FXS show significant price declines accompanied by low RSI values, classifying them as potentially oversold.
For technically inclined crypto investors , these cryptocurrencies provide important buy signals based on their current crypto market valuation and technical indicators. However, it is important to keep in mind the high volatility of cryptocurrencies, where market conditions can change quickly.
Conclusion
The cryptocurrency market is experiencing a downturn, but some assets may offer buying opportunities. MANTA and FXS are two cryptocurrencies that are currently oversold and may be ready for a rebound. However, it is important to do your own research before making any investment.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
