In the midst of the chaos in the cryptocurrency world, an analysis based on the Relative Strength Index (RSI) values indicates that many cryptocurrencies are rapidly moving from the overbought zone to more neutral and even oversold positions. Some cryptocurrencies still appear to be challenging the market by remaining in the overbought zone. The data from CoinGlass was particularly noteworthy in this regard. A pullback in these altcoins could be seen in the near future.
Will Tellor (TRB) Price Drop?
Tellor (TRB), a competitor of the Chainlink (LINK) network, displayed an extraordinary price movement. During this period, the price of TRB rose from a low of $42.73 to a high of $141.72, experiencing an incredible 200% increase within a week.
The recent price increase pushed the 24-hour RSI value to 79.88, while the four-hour RSI value reached an even more pronounced overbought scenario at 80.54.
Moreover, a price increase of over 23% in just the last 24 hours pushed the altcoin above $140, far exceeding the 30-day Exponential Moving Average (EMA) of $76.48.
Although the weekly RSI value indicates a more moderate level at 60.35, short-term indicators suggest that a price correction could occur on Tellor’s side. This could be due to investors wanting to take profits after this rapid decline.
Frontier (FRONT) and Endless Purchases
On the Frontier (FRONT) side, the 24-hour RSI value is marked at 74.66. The four-hour RSI continued its rise, presenting a value of 72.83. The hourly RSI level is at 71.82, reflecting continuous buying pressure.
Looking at the last 24-hour price view, a 45.3% increase was notable, with the price at $1.86.
The weekly RSI at 58.35 is lower than normal trading conditions but still shows high momentum. This could indicate that FRONT is also approaching a peak.
Some investors, seeing the emerging high RSI values, may be trying to secure their profits by selling. However, market analyses based on past reviews generally show that such overbought conditions tend to trigger a price pullback.
Despite all this, it is useful to note that the RSI indicator alone is not sufficient for making decisions. In this context, the future movements of TRB and FRONT prices are not yet fully known.
