Analyst indicates two cryptocurrencies with sell signal for this week

Over the past few days, the cryptocurrency market has been experiencing significant volatility, with many assets shifting from overbought to more neutral or oversold positions based on Relative Strength Index (RSI) readings.

Cryptocurrencies that have a very high RSI level indicate that it is time to sell. That’s because they must fall. According to analyst Aneena Alex, two cryptocurrencies in particular are currently on sale.

ENS is one such cryptocurrency that has attracted attention. Currently, the ENS token is trading at $20.82, registering an increase of 4.40% in the last 24 hours. RSI levels indicate high activity: the 1-hour RSI is at 50.03, the 4-hour RSI is at 77.73, the 12-hour RSI is at 76.41, and the 24-hour RSI is at 69.57.

Typically, RSI values ​​above 70 indicate overbought conditions, suggesting a potential sell signal. Former core team member Brantly Milligan recently sold $14.14 million worth of ENS tokens, coinciding with a significant price increase.

ENS is up 57% in the last 7 days and 36% in the last 30 days, with a 44% increase in trading volume in the last 24 hours.

“Expert technical analysis indicates that ENS is in an uptrend, approaching the $26.5 resistance level. However, given the high RSI levels, significant recent selling and the approach of strong resistance, ENS appears overbought and could face a price correction, signaling a selling opportunity for investors,” he said.

Cryptocurrencies to Watch

Another cryptocurrency being tipped for sale is Cyber, formerly known as CyberConnect. The Cyber ​​token is costing US$9.43, up 6.60% in the last 24 hours. The 15-minute RSI is at 53.75, the 1-hour RSI is at 61.19, the 4-hour RSI is at 78.09, the 12-hour RSI is at 75.53 and the 24-hour RSI is at 58.93.

With the 4-hour and 12-hour RSI levels both above 75, Cyber ​​appears to be in overbought territory, indicating a potential sell signal.

These sell signals are particularly relevant for traders and investors looking to maximize their returns by taking advantage of impending market corrections. Staying up to date with technical analysis and momentum indicators such as RSI is crucial to making informed and strategic decisions.