Crypto Market RSI Is Close To Hitting Overbought Levels
Historically, the Crypto Market RSI, which builds the average RSI of ~200 tokens, has been a very good indicator of price reversals.
The market usually bounces when the RSI hits a level between 30 and 25. On average, the price remained at that level for 5 days before the market reversed.
What's the current status?
The Crypto Market RSI is currently at 33. The indicator experienced a sharp decline from a level close to 70 less than two weeks ago.
What can we derive?
Based on the historical pattern, we are getting close to the (local) bottom. At the same time, the indicator doesn't show reversal signs yet, so we might see the market go lower before reversing.
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