Cryptocurrency

Internet Computer

Filecoin

Perpetual Protocol

Shiba Inu

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 <p class="paragraph">Bitcoin (BTC) has reached a new multi-year high at $45,922 on January 2, 2024. Following its leadership, some <a rel="noopener noreferrer nofollow" title="cryptocurrencies" href="https://thebittimes.com/tag/cryptocurrencies.html">cryptocurrencies</a> have been <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> at higher prices.</p>
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 <p class="paragraph">While most people wait for strong price action 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">Notably, investors can find cryptocurrencies to avoid trading this week using fundamental and technical analysis. In particular, meme coins with poor fundamentals and ‘overbought’ coins according to the Relative Strength Index (RSI).</p>
 <h2 class="wp-block-heading" id="h-avoid-trading-memecoins-in-2024">Avoid trading memecoins in 2024</h2>
 <p class="paragraph">Memecoins like Dogecoin (DOGE) were initially created as a tool for having fun with digital money. After Elon Musk’s support of DOGE and the surge of Shiba Inu (SHIB), memecoins have become popular among <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency traders.&nbsp;</p>
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 <p class="paragraph">Interestingly, Pepe (PEPE) and Bonk (BONK) are examples of meme coins that benefited from speculator’s greed in 2023. BONK was the year’s biggest gainer, but its investors could face a similar fate to PEPE’s and most of these micro financial bubbles.</p>
 <p class="paragraph">Savvy investors should avoid trading meme coins this cycle, specifically PEPE and BONK.</p>
 <h2 class="wp-block-heading" id="h-overbought-cryptocurrencies-to-avoid-trading-this-week">Overbought cryptocurrencies to avoid trading this week</h2>
 <p class="paragraph">On another perspective, Finbold also spotted four non-meme coin cryptocurrencies with high RSIs using <em>CoinGlass</em>’s heatmap. In particular, Filecoin (FIL), Internet Computer Protocol (ICP), BitcoinSV (BSV), and Perpetual Protocol (PERP).</p>
 <p class="paragraph">The ‘overbought’ status of these projects increases the odds of price retracement and massive liquidations. However, even an overbought asset can continue to rise in such an uncertain market as is crypto’s.</p>
 <h3 class="wp-block-heading" id="h-filecoin-fil">Filecoin (FIL)</h3>
 <p class="paragraph">First, FIL scores are 72.28, 78.58, and 86.33 in the 4-hour, 24-hour, and 1-week RSI. They all mark an overbought status to Filecoin, trading at $7.77 by press time, up 5.55% in 24 hours.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="504" src="https://cdn.thebittimes.com/images/2024/01/02/9c9f644ec253e3c967c942ba45ea9ac5.webp" alt class="wp-image-146725" srcset="https://cdn.thebittimes.com/images/2024/01/02/9c9f644ec253e3c967c942ba45ea9ac5.webp 1024w, https://cdn.thebittimes.com/images/2024/01/02/9c9f644ec253e3c967c942ba45ea9ac5.webp 300w, https://cdn.thebittimes.com/images/2024/01/02/9c9f644ec253e3c967c942ba45ea9ac5.webp 768w, https://cdn.thebittimes.com/images/2024/01/02/9c9f644ec253e3c967c942ba45ea9ac5.webp 1536w, https://cdn.thebittimes.com/images/2024/01/02/9c9f644ec253e3c967c942ba45ea9ac5.webp 1992w" sizes="(max-width: 1024px) 100vw, 1024px">
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   <p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt" id="docs-internal-guid-3dc4d854-7fff-639a-3bf1-53239be0fd5e"><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">Crypto Market 24-hour RSI Heatmap: FIL. 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>
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 <h3 class="wp-block-heading" id="internet-computer-protocol-icp">Internet Computer Protocol (ICP)</h3>
 <p class="paragraph">In the meantime, ICP has a higher weekly RSI of 91.66 while showing a similar overbought 78.3 in the daily chart. The Internet Computer Protocol’s native token started its short-term correction, down 1.47% at $13.50, with 64.49 4-hour RSI.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="504" src="https://cdn.thebittimes.com/images/2024/01/02/be3702a7504aeb85353f1e81132bc829.webp" alt class="wp-image-146726" srcset="https://cdn.thebittimes.com/images/2024/01/02/be3702a7504aeb85353f1e81132bc829.webp 1024w, https://cdn.thebittimes.com/images/2024/01/02/be3702a7504aeb85353f1e81132bc829.webp 300w, https://cdn.thebittimes.com/images/2024/01/02/be3702a7504aeb85353f1e81132bc829.webp 768w, https://cdn.thebittimes.com/images/2024/01/02/be3702a7504aeb85353f1e81132bc829.webp 1536w, https://cdn.thebittimes.com/images/2024/01/02/be3702a7504aeb85353f1e81132bc829.webp 1992w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Crypto Market 24-hour RSI Heatmap: ICP. Source: <em>CoinGlass</em>
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 </figure>
 <h3 class="wp-block-heading" id="avoid-trading-bitcoinsv-bsv">Avoid trading BitcoinSV (BSV)</h3>
 <p class="paragraph">BitcoinSV also joins this week’s <a rel="noopener noreferrer nofollow" title="cryptocurrencies" href="https://thebittimes.com/tag/cryptocurrencies.html">cryptocurrencies</a> to <a rel="noopener noreferrer nofollow" title="avoid" href="https://thebittimes.com/tag/avoid.html">avoid</a> <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> with 76.03 24-hour RSI, <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> at $98.33. The most centralized Bitcoin network remains overbought despite losing a massive 7.22% in the last 24 hours.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="504" src="https://cdn.thebittimes.com/images/2024/01/02/408f938ba61a83a87deda291fdfbd746.webp" alt class="wp-image-146727" srcset="https://cdn.thebittimes.com/images/2024/01/02/408f938ba61a83a87deda291fdfbd746.webp 1024w, https://cdn.thebittimes.com/images/2024/01/02/408f938ba61a83a87deda291fdfbd746.webp 300w, https://cdn.thebittimes.com/images/2024/01/02/408f938ba61a83a87deda291fdfbd746.webp 768w, https://cdn.thebittimes.com/images/2024/01/02/408f938ba61a83a87deda291fdfbd746.webp 1536w, https://cdn.thebittimes.com/images/2024/01/02/408f938ba61a83a87deda291fdfbd746.webp 1992w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   <p dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt" id="docs-internal-guid-67458ada-7fff-0f19-be95-e5c3a07a99ed"><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">Crypto Market 24-hour RSI Heatmap: ICP. 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>
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 </figure>
 <h3 class="wp-block-heading" id="perpetual-protocol-perp">Perpetual Protocol (PERP)</h3>
 <p class="paragraph">Finally, PERP is changing hands by $1.50 at the time of publication, surging $22.52 on January 2, 2024. Meanwhile, Perpetual’s token is overbought on all time frames, registering 84.35 in the weekly RSI and 77.4 in the 4-hour and the daily charts.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="504" src="https://cdn.thebittimes.com/images/2024/01/02/f40e86a5fa6ae71cda18ef4ae7b53c45.webp" alt class="wp-image-146729" srcset="https://cdn.thebittimes.com/images/2024/01/02/f40e86a5fa6ae71cda18ef4ae7b53c45.webp 1024w, https://cdn.thebittimes.com/images/2024/01/02/f40e86a5fa6ae71cda18ef4ae7b53c45.webp 300w, https://cdn.thebittimes.com/images/2024/01/02/f40e86a5fa6ae71cda18ef4ae7b53c45.webp 768w, https://cdn.thebittimes.com/images/2024/01/02/f40e86a5fa6ae71cda18ef4ae7b53c45.webp 1536w, https://cdn.thebittimes.com/images/2024/01/02/f40e86a5fa6ae71cda18ef4ae7b53c45.webp 1992w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Crypto Market 24-hour RSI Heatmap: PERP. Source: <em>CoinGlass</em>
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 </figure>
 <p class="paragraph">All things considered, knowing which cryptocurrencies to avoid trading is crucial in investing. Traders should always monitor relevant indicators and understand their trading projects to increase an already unfavorable odds from a highly speculative market.</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/6-cryptocurrencies-to-avoid-trading-this-week-tbt75361.html">https://thebittimes.com/6-cryptocurrencies-to-avoid-trading-this-week-tbt75361.html</a></p>

6 cryptocurrencies to avoid trading this week

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