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Following this week’s cryptocurrency market crash, digital assets currently display bearish technical indicators like a weak relative strength index (RSI). However, two popular cryptocurrencies have a potential buy signal, with an extremely oversold status on May 1. As reported by Finbold, long-position traders lost $400 million since April 30, as $250 billion in capitalization left the market. The crash impacted Bitcoin (BTC) and Ethereum (ETH) traders, mostly, but all crypto currencies suffered meaningful losses. Previously, crypto traders registered $100 million in total liquidations within a 4-hour time frame, which started the major sell-off. As a result, the average RSI dropped to a weak status below 34 index points, suggesting an overall bearish momentum. Picks for you Gold trades below $2,300 amid anticipated Fed shakeup 2 hours ago AI predicts SHIB price for May 31, 2024 2 hours ago Long-position traders lost $400 million in a 24-hour bloodbath ...

After weeks of huge volatility, some crypto assets are left with significant imbalances that could cause drastic changes. In particular, Finbold spotted two possibly overbought cryptocurrencies in what might be a sell signal for April. The overbought signal is usually identified through a technical indicator called the Relative Strength Index (RSI). Essentially, it measures the momentum of an underlying asset based on past price action, considering multiple factors. A strong momentum, above 60 index points is usually positive and indicates an uptrend or a bull market. However, going for extreme strength can often sign the crypto currency is due to a correction or trend reversal. Picks for you Short squeeze alert for April: BTC and ETH with potential to skyrocket 1 hour ago $100 billion crypto firm is on a hiring spree for AI talents 2 hours ago Radicle 1.0 goes live, spearheading decentralized code collaboration 3 hours ago 'Nvidia of crypto ' t...