The cryptocurrency market has experienced a clear decline over the past few days. This downturn has sparked fear of a potential downward trend while also revealing buying opportunities. On the other hand, two cryptocurrencies continue to maintain an overbought position on the daily Relative Strength Index (RSI), which investors could consider a sell signal.
Market RSI Shift
Interestingly, most cryptocurrencies in the market have shifted from a strong overbought position to a neutral or weak RSI position within just a few days. This has led to downward price movements, consecutive losses of support levels, and the emergence of downward technical indicators such as decreasing trading volume.
Despite the overall downward trend, some cryptocurrencies have shown positive movements during this period, continuing to maintain a high Relative Strength Index.
Jito (JTO) Overbought
During this time frame, Jito (JTO) shows signs of being overbought in four different time frames, following a 17.64% gain in the last 24 hours. The token is trading at $5.19, and its RSI value is above 70 across all short-term charts.
On the other hand, the sell signal is emphasized once again by JTO’s weekly RSI, which indicates a neutral long-term momentum at 54.13. This could suggest a short-term price increase, even if it may not be sustainable. Moreover, it seems that the cryptocurrency lacks momentum for the continuation of this process.
Will Bella Protocol (BEL) Decline?
With relatively low volume, Bella Protocol (BEL) is another overbought cryptocurrency that could be signaling a potential sell. Notably, most of BEL’s RSI time indicators point to overbought conditions, with three exceeding the level of 80.
Looking at the token’s daily Relative Strength Index, the RSI stands at 76.32, higher than that of Jito, which could indicate a possible trend reversal.
As of this writing, Bella Protocol is trading at $1.44, having pleased its investors with a 45.75% increase over the last 24 hours. With a market value of less than $100 million, investors might consider a profit-taking strategy soon due to the potential volatility of the cryptocurrency.
