ConstitutionDAO

Bitcoin

Status

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-shows-significant-movement-after-etf-approval-news/" data-wpel-link="internal">Bitcoin Price Shows Significant Movement After ETF Approval News</a><br></p>
<p style="text-align: justify">Bitcoin (BTC) price was seen stuck in a certain price range over the past 3 months. This situation gave way to a rise following the ETF approval <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">news</a> that emerged for Ethereum (ETH) last week. While the future of the <a href="https://en.coin-turk.com/critical-decision-from-the-uk-will-btcs-on-cryptocurrency-exchanges-be-seized/" data-wpel-link="internal">cryptocurrency market</a> remains uncertain, some altcoins have been found to be overbought recently. According to CoinGlass data, the 24-hour relative strength index (RSI) heat map showed signs of overbuying in these altcoins, especially on May 29. We examined two of them.</p> 
<h2 style="text-align: justify" id="bounce-token-auction-latest-status">Bounce Token (AUCTION) Latest Status</h2> 
<p style="text-align: justify">The first altcoin examined was Bounce Token (AUCTION). The 24-hour RSI indicator for AUCTION suddenly shifted from an oversold position to an overbought situation. When examining CoinGlass’s heat data, the token continues to trade at $24.54 after a 35% increase in the last 24 hours.</p> 
<p style="text-align: justify">On the other hand, AUCTION’s hourly RSI value indicates 91.76, showing how much overbuying occurred in a short period. AUCTION’s 4-hour, 12-hour, and 24-hour RSI values are seen as 89.14, 82.94, and 75.99, respectively.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-357450" src="https://coin-turk.com/wp-content/uploads/2024/05/people-coin-turk-com.png" alt="" width="758" height="463"></p> 
<p style="text-align: justify">On the other hand, the weekly timeframe for Bounce Token shows weak momentum at 35.62 against short-term continuity.</p> 
<h2 style="text-align: justify" id="constitutiondao-people-comments">ConstitutionDAO (PEOPLE) Comments</h2> 
<p style="text-align: justify">Another cryptocurrency showing overbought signals was ConstitutionDAO token PEOPLE. Contrary to the market, the positive price movement in PEOPLE had been attracting investors’ attention for a while, and the weekly RSI value appeared to have reached an overbought state after all this process. After this, everything turned around.</p> 
<p style="text-align: justify">After the price movements in recent hours, things seemed to have turned around. The PEOPLE token saw a 1.81% increase during the day, but after the latest outlook, the price fell to $0.07964 following a 12% drop. Indicators pointed to the possibility of such a situation, and it happened.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-357451" src="https://coin-turk.com/wp-content/uploads/2024/05/2-coin-turk-com.png" alt="" width="765" height="459"></p> 
<p style="text-align: justify">Despite the idea that the overbought RSI indicator on the PEOPLE side brought a correction, there can be no guarantee of a correction in cryptocurrencies. It is also crucial to understand that such indicator changes come after bulls demonstrate strength and are usually seen during ongoing <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">bull market</a> periods.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-price-shows-significant-movement-after-etf-approval-news/" data-wpel-link="internal">Bitcoin Price Shows Significant Movement After ETF Approval News</a></h5>

Bitcoin Price Shows Significant Movement After ETF Approval News

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