Is it time to buy altcoins?
After several consecutive down days, altcoins have reached an extremely oversold level, in our view.
The fear and selling reached a panic levels the last two days.
Relative Strength Index (RSI) has reached extremes with reading well under 30 considered oversold, closer to 20 for many including BTC and ETH!
We haven’t seen such RSI levels in a year!
Normally, traders should trade with a trend. That’s a rule number one.
But with extreme RSI readings, market is overdue for a 10-20% bounce. It’s a risky tactical swing trade opportunity. We’re not calling the bottom of the downtrend by any means, it could resume after a bounce.
Perhaps 1/2 of position now and 1/2 position if market dips further.
Never invest more than you can afford to lose and not lose sleep over it.
Of course, it’s just our opinion, do your own research and make your own decision.
We also believe that we should stick to “blue chip” names, quality projects that have proven their viability, value proposition, revenues, have thriving ecosystems and growing user base.
These would include:
ETH – 70% of DeFi runs on it….it’s the backbone of DeFi.
Layer 1 solutions: FTM, ATOM, SOL, AVAX, LUNA, NEAR, MATIC
DeFi leaders: UNI (leading DEX), CRV (leading stablecoin DEX)
CeFi leaders: BNB, FTT, both of which have solid tokenomics that incentivize staking and holding tokens for access to IEOs
Avoid meme coins with no fundamental foundation: SHIB, DOGE, etc.
Stick with quality. Leading players in DeFi, NFT, DEX aren’t going to disappear.
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