Uniswap

Aptos

Axie Infinity

Disney

Ethereum Classic

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 <p class="paragraph">Nathan Rothschild coined the investing mantra in 1810 that says investors should “buy on the sound of cannons, sell on the sound of trumpets.” Following this idea, renowned traders believe that the best time to invest in an asset is when it is <a rel="noopener noreferrer nofollow" title="oversold" href="https://thebittimes.com/tag/oversold.html">oversold</a> by the market, possibly offering a discount on the purchase.</p>
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 <p class="paragraph">With that in mind, Finbold turned to the weekly Relative Strength Index (RSI) heatmap by <em>CoinGlass</em> on October 19 and noticed that the majority of the top cryptocurrencies are showing signals of being oversold at this point.</p>
 <p class="paragraph">This could indicate that an interesting window of opportunity could be opening up to investors who want to increase their positions in the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency market. However, it must be done with caution.</p>
 <h2 class="wp-block-heading" id="h-weakness-vs-oversold-crypto-market-average-rsi-of-33-28">Weakness vs. Oversold: Crypto market average RSI of 33.28</h2>
 <p class="paragraph">Notably, the 7-week timeframe is registering an average 1-week RSI of 33.28, which goes on the edge of ‘weakness’ and ‘oversold’, according to <em>CoinGlass</em> analysis. A ‘weakness’ momentum usually indicates the continuation of the bearish trend, instead of a good buying opportunity.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="498" src="https://cdn.thebittimes.com/images/2023/10/19/35dd70eb33e76b239b795d100aed18f3.webp" alt class="wp-image-133168" srcset="https://cdn.thebittimes.com/images/2023/10/19/35dd70eb33e76b239b795d100aed18f3.webp 1024w, https://cdn.thebittimes.com/images/2023/10/19/35dd70eb33e76b239b795d100aed18f3.webp 300w, https://cdn.thebittimes.com/images/2023/10/19/35dd70eb33e76b239b795d100aed18f3.webp 768w, https://cdn.thebittimes.com/images/2023/10/19/35dd70eb33e76b239b795d100aed18f3.webp 1280w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Crypto market RSI heatmap (1 week). Source: <em>CoinGlass</em>
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 <p class="paragraph">Interestingly, it is possible to see some of the most renowned and top <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies by market capitalization in the ‘<a rel="noopener noreferrer nofollow" title="oversold" href="https://thebittimes.com/tag/oversold.html">oversold</a>’ range, such as Ethereum (ETH), BNB Chain (BNB), Arbitrum (ARB), Ethereum Classic (ETC), Axie Infinity (AXS), Dash (DASH), Uniswap (UNI), Aptos (APT), etc.</p>
 <p class="paragraph">It is important to say that some of these are going through a tough week following negative news, fundamentals, and developments regarding their projects, which could invalidate the opportunity of an ‘<a rel="noopener noreferrer nofollow" title="oversold" href="https://thebittimes.com/tag/oversold.html">oversold</a>’ status, for an extended weakness.</p>
 <p class="paragraph">Particularly, as reported last week by Finbold about the massive AXS token unlock expected to happen on the Axie Infinity project on October 20.</p>
 <p class="paragraph">As with everything in technical analysis, this data should not be considered in a vacuum while making investment decisions. Nevertheless, crypto traders and value investors can use it as one more piece of information to decide whether the “cannons” or the “trumpets” are sounding, and if this is a good moment to deploy capital on projects with good fundamentals.</p>
 <p class="paragraph"><em><strong>Disclaimer:</strong> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/opportunity-majority-of-cryptocurrencies-are-oversold-tbt66964.html">https://thebittimes.com/opportunity-majority-of-cryptocurrencies-are-oversold-tbt66964.html</a></p>

Opportunity? Majority of cryptocurrencies are oversold

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TheBitTimes

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