Cryptocurrency experts name little-known digital tokens that you shouldn’t invest in this week

Not financial advice!

on January 8, the flagship crypto asset BTC $56,661.23 Bitcoin -2.76% Market capitalization $1.12 trillion VOL. 24 hours $4.56 billion reached an annual record. Following bitcoin’s lead, some virtual coins have also risen in price, which, according to crypto experts, could potentially lead to a pullback.

Finbold analysts have identified cryptocurrencies that should not be traded this week. In particular, this applies to the so-called «overbought» coins.

ConstitutionDAO (PEOPLE). Over the past 24 hours, the token has lost almost 17%, and its price at the time of the news publication was $ 0.034. It is noteworthy that the market capitalization of PEOPLE, which added $ 178.16 million, reached $ 316.16 million per day.

Stacks (STX) is increasing its momentum on the 24-hour time frame. However, the weekly RSI(Relative Strength Index — ed.) is close to its maximum level of 98.22. This, crypto experts say, indicates a significant overbought of the token, which is prone to a medium-term correction. Currently, STX is trading at $ 1.96, having added 2.7% per day.

In turn, Chromia (CHR) has returned to an overbought state on the daily RSI with 73.14 points. The token gained 19.87% on the day, trading at $ 0.26.

Finbold emphasized that knowing which cryptocurrencies to avoid is crucial when trading on the crypto market. Traders should constantly monitor the relevant indicators and understand what they are investing in.

It should be added that on January 10, according to CoinMarketCap, the global cryptocurrency market capitalization lost 0.83% and is fixed at $ 1.71 trillion. Daily cryptocurrency transactions, on the other hand, increased by 2.4% and amounted to $ 84 billion. Bitcoin’s market share reached 52.7%, while ethereum ETH $2,986.80 Ethereum -4.90% Market capitalization $359 billion VOL. 24 hours $2.66 billion accounted for 16.7%. The Fear and Greed Index remained at 72 points.