The cryptocurrency market experienced significant volatility last week. While Bitcoin fell below $61,000, Ethereum also fell below the $3,000 level. Altcoins followed a similar downward trend, driven by recession concerns, disappointing economic data, and significant outflows from Bitcoin and Ethereum ETFs. Amid these fluctuations, many cryptocurrencies have entered oversold regions. Crypto analyst Aneena Alex states that the two tokens offer potential buying opportunities for investors and traders.
The first cryptocurrency to give a 'buy' signal: Starknet (STRK)
STRK is currently trading at $0.418. The 24-hour RSI value is 28.28, indicating an oversold situation. Additionally, the 14-day RSI value of 26.51 also confirms this situation. These indicators point to the potential for a reversal in the token price. RSI values on different time frames are consistently at 43.31 for 15 minutes, 44.17 for one hour, 32.23 for four hours, 28.7 for 12 hours, 28.28 for 24 hours and 36.12 for one week. It indicates oversold or near-oversold conditions and strengthens recovery potential.
The Commodity Channel Index (CCI) and Williams Percentage Range (W%R) show that STRK is significantly undervalued, indicating that it is poised for a recovery. The momentum indicator also gives a buying signal, showing that the selling pressure has weakened. These technical indicators confirm that STRK is oversold and raise the possibility of an upside correction for the coin. For investors and traders who want to take advantage of market fluctuations, STRK offers strong technical signals of a potential recovery.
Second place: Hedera (HBAR)
HBAR is currently trading at $0.059. The token is oversold with a 24-hour RSI value of 29.69, and a 14-day RSI value of 28.38 also supports this view. These indicators point to a potential buying opportunity for HBAR. RSI values on various time frames are 37.5 for 15 minutes, 36.64 for one hour, 28.7 for four hours, 28.03 for 12 hours, 29.69 for 24 hours and 36.22 for one week, consistently. It indicates oversold conditions and increases the likelihood of a recovery.
The momentum indicator signals that downward pressure is easing and indicates that HBAR may be nearing the end of its current downtrend. The Commodity Channel Index (CCI) and Average Directional Index (ADX) are neutral, but overall technical indicators support a potential recovery. HBAR's deeply oversold condition and buy signals indicate that the price is well positioned for a recovery.
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