The cryptocurrency market has been the target of a significant decline, with hundreds of billions of dollars wiped from its value in the last 24 hours. Despite the market-wide collapse, the Relative Strength Index (RSI) indicator on the daily time frame of two altcoins in particular continues to give an overbought signal, indicating a strong decline. As it is known, RSI serves as an important indicator of market sentiment.

RSI of TraderJoe (JOE) and Space ID (ID) Are Alarming

#TraderJoe (JOE) and Space ID (ID), which RSI gives an overbought signal, attract attention by maintaining their overbought status despite the turmoil in the market. JOE, the native asset of Avalanche's leading decentralized exchange, has a daily RSI of 74.83, well above the market average. Similarly, Space ID's daily RSI is at 73.63, indicating strong momentum despite price declines in the last 24 hours.

Despite the overbought situation, both JOE and ID have made significant price declines in the last 24 hours. While JOE's price is trading at $0.8459, down by up to 20 percent in the last 24 hours, ID is trading at $1.60 with an increase of 8.74 percent in the same time period.

As it is known, TraderJoe and Space ID stand out because they serve different purposes in the cryptocurrency world. TraderJoe operates as a decentralized exchange within the Avalanche network, while Space ID is a protocol designed to create a name service network similar to the Ethereum Name Service (ENS) in Ethereum.

Overbought Signal No Guarantee of a Fall

Investors and traders should be aware that the overbought RSI does not guarantee a short-term price collapse. Although the RSI technically offers a sign of potential weakness, altcoins can show resilience and rise. As a matter of fact, the fact that ID has increased by up to 10 percent in the last 24 hours despite the RSI signaling overbought confirms this.

In general, investors and traders need to consider other factors and technical indicators before making any investment decisions. Despite the sell signal, both JOE and ID may surprise investors by maintaining their strong momentum and outperforming the broader market.