Cryptocurrency

Injective

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 <p class="paragraph">The <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency market has started moving again after a low-volume week, with most digital assets trading in a consolidation range. In this context, Finbold looked for sell <a rel="noopener noreferrer nofollow" title="signal" href="https://thebittimes.com/tag/signal.html">signal</a>s in <a rel="noopener noreferrer nofollow" title="overbought" href="https://thebittimes.com/tag/overbought.html">overbought</a> <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies.&nbsp;</p>
 <p class="paragraph">Despite the overall consolidation, some projects have maintained a strong momentum, leading to an overbought status. If these projects face challenges or a trend shift, this could create a selling opportunity for the next few days.</p>
 <p class="paragraph">Notably, the total <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> market cap evidences the recent surge, adding nearly $160 billion in value since January 23. It marks a 10.53% increase in <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency until February 8, by press time.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="661" src="https://cdn.thebittimes.com/images/2024/02/09/01039430e37de4d0db999514f8731ca1.webp" alt class="wp-image-153994" srcset="https://cdn.thebittimes.com/images/2024/02/09/01039430e37de4d0db999514f8731ca1.webp 1024w, https://cdn.thebittimes.com/images/2024/02/09/01039430e37de4d0db999514f8731ca1.webp 300w, https://cdn.thebittimes.com/images/2024/02/09/01039430e37de4d0db999514f8731ca1.webp 768w, https://cdn.thebittimes.com/images/2024/02/09/01039430e37de4d0db999514f8731ca1.webp 1536w, https://cdn.thebittimes.com/images/2024/02/09/01039430e37de4d0db999514f8731ca1.webp 1876w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Crypto total market cap daily chart. Source: <em>TradingView</em>
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 </figure>
 <h2 class="wp-block-heading" id="h-sui-network-sui-is-overbought">Sui Network (SUI) is overbought</h2>
 <p class="paragraph">In particular, Finbold spotted an overbought Sui Network (SUI) at <em>CoinGlass</em>’s weekly Relative Strength Index (RSI) heatmap on February 8.</p>
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 <p class="paragraph">The SUI token currently has the highest weekly RSI in the market, creating a relevant sell signal at these prices. As of writing, Sui is trading at $1.51, up 3.16% in seven days but with a 79.64 overbought RSI.</p>
 <p class="paragraph">Moreover, it also shows weakness in all other time frames except for the daily RSI. This short-term weakness could suggest a trend reversal at any moment for the Sui Network digital asset.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="502" src="https://cdn.thebittimes.com/images/2024/02/09/3435a439936a8f9e895db711bc951f60.webp" alt class="wp-image-153995" srcset="https://cdn.thebittimes.com/images/2024/02/09/3435a439936a8f9e895db711bc951f60.webp 1024w, https://cdn.thebittimes.com/images/2024/02/09/3435a439936a8f9e895db711bc951f60.webp 300w, https://cdn.thebittimes.com/images/2024/02/09/3435a439936a8f9e895db711bc951f60.webp 768w, https://cdn.thebittimes.com/images/2024/02/09/3435a439936a8f9e895db711bc951f60.webp 1536w, https://cdn.thebittimes.com/images/2024/02/09/3435a439936a8f9e895db711bc951f60.webp 1998w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Crypto market RSI heatmap, weekly SUI. Source: <em>CoinGlass</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="sell-signal-for-injective-inj">Sell signal for Injective (INJ)</h2>
 <p class="paragraph">Another potentially overbought cryptocurrency is Injective (INJ). The token has a 72.25 weekly RSI, trading at $32.82 and up 1.44% by press time. Like SUI, Injective signals a trend reversal with its low time frame RSIs.</p>
 <p class="paragraph">Interestingly, other cryptocurrencies have higher RSI points in the seven-day time frame. However, INJ has the highest divergence between its weekly status and the short-term indicators – all below the market’s average.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="502" src="https://cdn.thebittimes.com/images/2024/02/09/84869d552087d6a1fed28577a34e668a.webp" alt class="wp-image-153996" srcset="https://cdn.thebittimes.com/images/2024/02/09/84869d552087d6a1fed28577a34e668a.webp 1024w, https://cdn.thebittimes.com/images/2024/02/09/84869d552087d6a1fed28577a34e668a.webp 300w, https://cdn.thebittimes.com/images/2024/02/09/84869d552087d6a1fed28577a34e668a.webp 768w, https://cdn.thebittimes.com/images/2024/02/09/84869d552087d6a1fed28577a34e668a.webp 1536w, https://cdn.thebittimes.com/images/2024/02/09/84869d552087d6a1fed28577a34e668a.webp 1998w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Crypto market RSI heatmap, weekly INJ. Source: <em>CoinGlass</em>
  </figcaption>
 </figure>
 <p class="paragraph">Understanding this extreme-strength indicator is vital for investors looking to sell signals.</p>
 <p class="paragraph">On the other hand, having an <a rel="noopener noreferrer nofollow" title="overbought" href="https://thebittimes.com/tag/overbought.html">overbought</a> RSI does not guarantee a price crash or trend reversals. The <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency market is highly volatile, and projects usually respond aggressively to news and relevant events.</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>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/sell-signal-for-2-overbought-cryptocurrencies-this-week-tbt79317.html">https://thebittimes.com/sell-signal-for-2-overbought-cryptocurrencies-this-week-tbt79317.html</a></p>

Sell signal for 2 overbought cryptocurrencies this week

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