3 Potentially Rebounding Alterative Cryptocurrencies Soon
Three Altcoins on the Brink: LAYER, BSW, and VOXEL
After some steep drops, Solayer (LAYER), Biswap (BSW), and Voxies (VOXEL) might be poised for a rebound. These cryptos have seen significant declines, with LAYER sliding 19%, BSW dipping over 15%, and VOXEL tumbling 25.5%.
All three coins show signs of severe selling pressure, indicated by RSI readings below 25. Their underperformance compared to the broader market, as shown by their Relative Strength (RS) metrics, suggests this could be an opportunity for potential relief rallies.
Solayer (LAYER): Dropped Like a Stone
LAYER took a nasty fall last week, plummeting 45% in a heartbeat—erasing nearly $350 million in market cap and snapping months of bullish momentum. The reasons? Thin liquidity, cascading liquidations, panic whale selling, and a big token unlock coming on May 11.One would think these conditions point to an oversold market, and technical indicators back this up. LAYER's Relative Strength Index (RSI) now sits at 23.35 below the 30 mark that signals oversold territory. Its Relative Strength (RS) versus the broader market is at -0.47, meaning it’s underperforming significantly compared to its peers.While there's no guarantee a bounce will happen, these technical conditions often precede short-term relief rallies—especially if market sentiment starts to recover or buyers jump in.
Biswap (BSW): Tumble Town
Biswap’s down by over 15% in the last 24 hours, struggling amidst general weakness in mid-cap altcoins. Its Relative Strength Index (RSI) is currently at 23.95, signaling oversold conditions, suggesting the altcoin may be due for a rebound after a period of aggressive selling.Its Relative Strength (RS) stands at -0.14, indicating it's slightly underperforming the broader market. This combination often signifies a short-term capitulation point. If the broader market sentiment perks up or buyers swoop in at these low levels, BSW could see a relief rally, especially for those keen on cashing in on mean reversion.
Voxies (VOXEL): Grounded
Voxies is the token powering Voxie Tactics, a free-to-play, retro-inspired 3D tactical RPG that blends classic turn-based battles with modern features. VOXEL has lost 11% in the last 24 hours and 25.5% this week, putting its market cap around $16.7 million.Its Relative Strength Index (RSI) has dipped to 24.9, hinting that the token could be reaching an oversold point and primed for a technical rebound. Additionally, its Relative Strength (RS) versus the broader market stands at -0.2389, suggesting underperformance, but not an extreme one.This combination—deep RSI and moderate underperformance—often sets the stage for a short-term bounce, especially if selling pressure subsides or player engagement sees a boost.
Investment Advice? Heck No!
This crypto analysis piece is for educational purposes only, not investment advice. Always do your own research or consult a professional before making financial decisions. And remember, the market environment can change without notice, so always tread carefully!
###### Sources:
- [1] CoinMarketCap (2023) LAYER Price Analysis: Solayer Data (2023)[Accessed 13 May 2023]
- [2] Altcoin Buzz (2023) Biswap (BSW) Declines by More Than 15%: Is This a Buying Opportunity for Investors? [Accessed 13 May 2023]
- [3] BeInCrypto (2023) Solayer (LAYER) Crashes 45% in Matter of Hours: Latest Price Analysis & Predictions [Accessed 13 May 2023]
- [4] CoinCodex (2023) Solayer Has Lost Over 40% of Its Value – Is a Further Decline Imminent? [Accessed 13 May 2023]
- [5] CoinPedia (2023) Solayer Price Forecast 2023: Solayer Price Prediction, Future Prediction 2023-2028 [Accessed 13 May 2023]
- The three altcoins, LAYER, BSW, and VOXEL, have dropped significantly, reaching oversold conditions indicated by their Relative Strength Index (RSI) readings below 25.
- The underperformance of LAYER, BSW, and VOXEL compared to the broader market suggests a potential opportunity for relief rallies.
- In the case of LAYER, steep losses were due to thin liquidity, cascading liquidations, panic whale selling, and a big token unlock.
- Biswap (BSW) has been struggling amidst mid-cap altcoins, with its RSI at 23.95, signaling oversold conditions, and its Relative Strength (RS) slightly underperforming the broader market.
- Voxies (VOXEL) has lost 25.5% this week, reaching an oversold point as its RSI dipped to 24.9. Its underperformance compared to the broader market is moderate, and a short-term bounce could occur if selling pressure subsides or player engagement increases.
