As the overall rise in the crypto market continues, the biggest cryptocurrency Bitcoin (BTC), along with many altcoins, recorded significant gains throughout the week. This positive outlook in the market has pushed some altcoins into the overbought zone, reaching a “danger” point. We have compiled 3 altcoins for you that triggered the Relative Strength Index (RSI) alarm.
Bonk (BONK), a dog-themed altcoin operating on the Solana (SOL) Blockchain, is giving some of the day’s most extreme overbought signals. At the time of writing this article, BONK’s RSI value is signaling overbought at 79.32 over the last 24 hours and 72.41 over the last 4-hour time frame. With the price increase of SOL, Bonk, which has been driven by entirely speculative demand, may not be sustainable in the long term, so investors need to be cautious when buying BONK.
The service token of Holo, HOT, is the token of a platform created to host Holochain’s decentralized applications. As this article is being written, it is trading at $0.00213 and its RSI is signaling overbought in both daily and weekly time frames. HOT’s RSI value is at 85.85 over the week and 77.05 in the last 24 hours. However, it is still moving within a ‘strong’ momentum over a 4-hour time frame. Overall, the RSI is sounding the alarm for HOT, and investors should be cautious.
The service token of TraderJoe, JOE (JOE), stands out as an altcoin that investors should be careful about when making purchases. JOE has seen high demand with the growth of the Avalanche (AVAX) DeFi ecosystem. TraderJoe is a decentralized cryptocurrency exchange, one of the most popular and highest-capitalized protocols on Avalanche. In particular, the protocol, which has recorded a significant increase in the Total Value Locked (TVL) indicator, is also reflected in the token’s performance. JOE has experienced a 14.02% increase in the last 24 hours, trading at $0.5755, and is one of the most overbought altcoins in daily and weekly time frames. JOE’s RSI value is at 83.48 over the week and 79.47 in the last 24 hours.
