The cryptocurrency market experienced volatile trading last week, starting on a high note only to reverse course by week’s end. Initially, optimism surged as several analysts predicted #bitcoin☀️ $BTC would reach new highs.
This downturn has led to many cryptocurrencies becoming oversold, potentially signaling a #buythedip opportunity.
1• $WIF
#dogwifhat shows strong potential as a buy opportunity. The 4-hour RSI is 28.92, while the 24-hour RSI is 41.43. These indicators suggest that WIF is oversold in the short term but shows signs of stability over the daily timeframe.
At the current price of $2.77, WIF has seen a 0.64% decrease in the last 24 hours, reinforcing its status as an oversold asset with potential for recovery.
#Chainlink (LINK) also presents a compelling case as an oversold cryptocurrency ready for a potential rebound.
The 4-hour RSI of 29.51 indicates an immediate oversold condition, suggesting that the recent selling pressure has been excessive.
24-hour RSI of 42.20, LINK shows signs of stabilization over the daily timeframe, reinforcing the potential for short-term recovery.
Currently trading at $16, LINK’s RSI indicators collectively point towards a potential rebound opportunity.
For a week-long investment perspective, WIF and LINK show promising buy signals based on their RSI indicators. Nevertheless, having an oversold RSI status does not guarantee price recovery and could also indicate a bearish trend
Cryptocurrencies are highly volatile assets, and everything can change in the blink of an eye. So be careful