Stacks

Cryptocurrency

ConstitutionDAO

Chromia

Avalanche

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 <p class="paragraph">Bitcoin (BTC) reached a new multi-year high at $47,281 on January 8, 2024. Following its leadership, some cryptocurrencies have traded at higher prices and are threatening a retracement.</p> 
 <p class="paragraph">While most people wait for good price performance to deploy capital into a given cryptocurrency, smart money avoids trading overextended speculative assets as part of a good risk management strategy.</p> 
 <p class="paragraph">Interestingly, investors can find cryptocurrencies to avoid trading this week using fundamental and technical analysis. In particular,‘overbought’ coins according to the Relative Strength Index (RSI).</p> 
 <h2 class="wp-block-heading" id="h-avoid-trading-constitutiondao-people">Avoid trading ConstitutionDAO (PEOPLE)</h2> 
 <p class="paragraph">ConstitutionDAO (PEOPLE) is the first <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency to <a rel="dofollow" title="avoid" href="https://thebittimes.com/tag/avoid.html">avoid</a> <a rel="dofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a>. The token has lost close to 17% in the last 24 hours, priced at $0.034 by press time.</p> 
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 <p class="paragraph">Notably, the $178.16 million market cap PEOPLE has seen a daily volume of $316.16 million — 238% of its capitalization. According to <em>CoinMarketCap</em>, the DAO was an experiment and had already dissolved.</p> 
 <figure class="wp-block-image size-full">
  <img decoding="async" width="970" height="854" src="https://cdn.thebittimes.com/images/2024/01/09/dadff17099c11fe3cada0ac2f2cd805d.webp" alt class="wp-image-148155" srcset="https://cdn.thebittimes.com/images/2024/01/09/dadff17099c11fe3cada0ac2f2cd805d.webp 970w, https://cdn.thebittimes.com/images/2024/01/09/dadff17099c11fe3cada0ac2f2cd805d.webp 300w, https://cdn.thebittimes.com/images/2024/01/09/dadff17099c11fe3cada0ac2f2cd805d.webp 768w" sizes="(max-width: 970px) 100vw, 970px">
  <figcaption class="wp-element-caption">
   ConstitutionDAO (PEOPLE) stats. Source: <em>CoinMarketCap</em>
  </figcaption>
 </figure> 
 <p class="paragraph">Despite its lack of use with the ConstitutionDAO’s dissolution, PEOPLE features as a strong asset, according to <em>CoinGlass</em>’ RSI heatmap on January 9.</p> 
 <figure class="wp-block-image size-large">
  <img decoding="async" width="1024" height="509" src="https://cdn.thebittimes.com/images/2024/01/09/d25663dadaa1b09cd17f19e927bb952e.webp" alt class="wp-image-148158" srcset="https://cdn.thebittimes.com/images/2024/01/09/d25663dadaa1b09cd17f19e927bb952e.webp 1024w, https://cdn.thebittimes.com/images/2024/01/09/d25663dadaa1b09cd17f19e927bb952e.webp 300w, https://cdn.thebittimes.com/images/2024/01/09/d25663dadaa1b09cd17f19e927bb952e.webp 768w, https://cdn.thebittimes.com/images/2024/01/09/d25663dadaa1b09cd17f19e927bb952e.webp 1536w, https://cdn.thebittimes.com/images/2024/01/09/d25663dadaa1b09cd17f19e927bb952e.webp 1992w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   PEOPLE: Crypto market RSI heatmap. Source: <em>CoinGlass</em>
  </figcaption>
 </figure> 
 <h2 class="wp-block-heading" id="stacks-stx-is-overbought-in-the-weekly-rsi">Stacks (STX) is overbought in the weekly RSI</h2> 
 <p class="paragraph">In this context, Stacks (STX) is increasing its momentum in the 24-hour time frame, with 69.42 RSI. However, the weekly RSI is close to its maximum level, at 98.22. This suggests a massively overbought token, prone to a mid-term retracement.</p> 
 <p class="paragraph">Following Bitcoin’s leadership, STX is trading at $1.96 by press time, up 2.73% in the last 24 hours.</p> 
 <figure class="wp-block-image size-large">
  <img loading="lazy" decoding="async" width="1024" height="509" src="https://cdn.thebittimes.com/images/2024/01/09/958d6a43fc06c3341d22b88dec6c117a.webp" alt class="wp-image-148162" srcset="https://cdn.thebittimes.com/images/2024/01/09/958d6a43fc06c3341d22b88dec6c117a.webp 1024w, https://cdn.thebittimes.com/images/2024/01/09/958d6a43fc06c3341d22b88dec6c117a.webp 300w, https://cdn.thebittimes.com/images/2024/01/09/958d6a43fc06c3341d22b88dec6c117a.webp 768w, https://cdn.thebittimes.com/images/2024/01/09/958d6a43fc06c3341d22b88dec6c117a.webp 1536w, https://cdn.thebittimes.com/images/2024/01/09/958d6a43fc06c3341d22b88dec6c117a.webp 1992w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   STX: Crypto market RSI heatmap. Source: <em>CoinGlass</em>
  </figcaption>
 </figure> 
 <h2 class="wp-block-heading" id="avoid-trading-chromia-chr-this-week">Avoid trading Chromia (CHR) this week</h2> 
 <p class="paragraph">In the meantime, Chromia (CHR) is back to an overbought status on the daily RSI, with 73.14 points. The token is up 19.87% on the day, trading at $0.26 at the time of publication.</p> 
 <p class="paragraph">CHR also shows an overbought weekly Relative Strength Index with 93.14 points.</p> 
 <figure class="wp-block-image size-large">
  <img loading="lazy" decoding="async" width="1024" height="509" src="https://cdn.thebittimes.com/images/2024/01/09/21b452d99194a4b7558e2f2f35ad8afa.webp" alt class="wp-image-148163" srcset="https://cdn.thebittimes.com/images/2024/01/09/21b452d99194a4b7558e2f2f35ad8afa.webp 1024w, https://cdn.thebittimes.com/images/2024/01/09/21b452d99194a4b7558e2f2f35ad8afa.webp 300w, https://cdn.thebittimes.com/images/2024/01/09/21b452d99194a4b7558e2f2f35ad8afa.webp 768w, https://cdn.thebittimes.com/images/2024/01/09/21b452d99194a4b7558e2f2f35ad8afa.webp 1536w, https://cdn.thebittimes.com/images/2024/01/09/21b452d99194a4b7558e2f2f35ad8afa.webp 1992w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   <p dir="ltr" style="line-height:1.38;margin-top:12pt;margin-bottom:12pt" id="docs-internal-guid-456f29fd-7fff-b91e-bca9-776a1d3b684b"><span style="font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline">CHR: Crypto market RSI heatmap. Source: </span><span style="font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline">CoinGlass</span></p>
  </figcaption>
 </figure> 
 <p class="paragraph">All things considered, knowing which <a rel="dofollow" title="cryptocurrencies" href="https://thebittimes.com/tag/cryptocurrencies.html">cryptocurrencies</a> to <a rel="dofollow" title="avoid" href="https://thebittimes.com/tag/avoid.html">avoid</a> is crucial in <a rel="dofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a>. Speculators should always monitor relevant indicators and understand what they are investing in.</p> 
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p> 
 <p class="paragraph"> </p>
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/3-cryptocurrencies-to-avoid-trading-this-week-tbt76031.html">https://thebittimes.com/3-cryptocurrencies-to-avoid-trading-this-week-tbt76031.html</a></p>

3 cryptocurrencies to avoid trading this week

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