3 cryptocurrencies entered oversold zones
The cryptocurrency market, in parallel with global markets, opened the week with a sharp decline and is on its way to closing with a bullish decline.
In Monday's chaos environment, many cryptocurrencies have landed in so-called “oversold” according to the RSI measurement, a technical indicator, which means the underlying asset may experience a price increase in the near future. Some recover quickly and rise to neutral and overbought levels, while others still remain at oversold levels.
In the RSI measurement, the fall of the asset below 30 is generally considered as "oversold". The rise above 70 is considered as "overbought".
In this article, we have compiled cryptocurrencies in overbought and overbought zones based on the 14-day RSI measurement on the daily chart.
Coins in the oversold zone
Cryptocurrency RSI value
CREAM 18.12
WEMIX 26.88
SAFE 27.38
The lowest RSI value in the current view belongs to CREAM. Traded at $43 on July 19, CREAM fell to $21.22 on Wednesday, finding buyers today at $22.
WEMIX traded at $1.21 on July 21, down to $0.67, while today it's $0.73. Finally, SAFE, which has been in a steady decline for a long time, is trading at $0.75 today, from $1.5 in the middle of last month.
Coins in the overbought zone
Cryptocurrency RSI value
ZEC 76.46
Zcash (ZEC), on the other hand, has been in a serious price increase since the beginning of July. The privacy-enabled cryptocurrency went up from $18 to $42 in about 40 days. Thus, ZEC entered the overbought zone, where the potential for a price drop increased with 76.46.
