Bitcoin and altcoin markets continue to follow a volatile course. The total market value is around $2.47 trillion, with a change of 0.8% in the last 24 hours. The transaction volume reached 48.8 billion dollars, indicating high investor activity and interest.
Bitcoin and ETH dominate the market: But these 2 altcoin stand out
Bitcoin (BTC) and the leading altcoin Ethereum (ETH) dominate the market with rates of 51.3% and 17.3%. Despite this activity, the Relative Strength Index (RSI) value of the general market was measured as 34.76. This indicates that many crypto assets may be in the oversold zone. This situation offers an opportunity for smart investors to benefit from a potential rise by identifying cryptocurrencies that are undervalued in the short term (within this week). With an optimistic perspective, analyst Aneena Alex highlighted two cryptocurrencies with low RSI values that are in the oversold zone in the short term, according to CoinGlass data.
First, altcoin Avalanche (AVAX) has several factors that could make it an attractive investment. AVAX, with its 24-hour RSI value of 29.33, is in the oversold zone. Historical data shows that assets with such low RSI values often experience price corrections. However, oversold conditions do not always guarantee a rise, and the market can remain oversold for a long time.
There is a decrease in price
Additionally, AVAX has experienced a 4.7% drop in price in the last 24 hours. This indicates a selloff to which the market may have overreacted. This decline offers a potential entry point for investors looking to benefit from the subsequent price recovery. Another factor supporting the buy signal is that AVAX’s momentum indicator is currently issuing a buy signal reflecting positive momentum despite the oversold situation. Williams % Range, another momentum indicator, also shows that AVAX is currently in oversold territory and may be a buying opportunity.
While strong sell signals from moving averages reflect a recent bearish trend, oversold signals and positive momentum indicators highlight the potential for a bullish reversal. The average market RSI value of 34.76 indicates that AVAX is in more oversold territory compared to the broader market, increasing its recovery potential.
Starknet is another crypto giving a buy signal
Starknet (STRK) also provides various buy signals based on its RSI and other technical indicators. STRK, with both 24-hour and 12-hour RSI values below 30, is experiencing a strong oversold situation with values of 26 and 26.48, respectively. This makes STRK a suitable candidate for a potential price rise. Unlike AVAX, STRK experienced a 0.98% increase in price in the last 24 hours. Despite the oversold RSI value, this positive momentum suggests that the market is starting to realize that it is undervalued and this could lead to further price gains.
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