Are we ready for a turnaround?

Many alts have suffered some tremendous corrections lately. Moreover, Bitcoin is back at the 67k level and doesn't show much strength rn.

Based on the latest RSI overview chart, I had many people asking if we are ready for a turnaround.

The answer is: Maybe.

Here's what the chart below tells us 👇

The chart represents the average RSI of more than 200 crypto tokens.

Over the last two years, we have had two significant turnaround/support levels. One at ~40, where the market bounced five times.

And an even stronger one between 32-27. Actually, the RSI never fell below.

Currently, the average RSI has hit the first "support" level, so it is possible that we will see a turnaround at this point.

If not, we will likely experience more blood before the next support level is reached.

Let me know your thoughts 👇

#rsi #analysis #market