2 overbought cryptocurrencies to avoid trading this week
Summary ⚈ Nexo and Quant are showing overbought RSI levels, signaling possible corrections ⚈ Nexo has gained after reentering the U.S. market amid bullish sentiment ⚈ Price outlook depends on the broader market, especially Bitcoin crossing $95,000 The cryptocurrency market is in a consolidation phase, but several digital currencies are witnessing increased buying pressure, pushing them into the overbought zone. Indeed, these cryptocurrencies are recording high Relative Strength Index (RSI) readings, which point to a potential crash in the coming week. Nexo (NEXO) and Quant (QNT) are among those showing signs of being overbought, making them risky bets for traders. Nexo (NEXO) Crypto lending entity Nexo is witnessing increased activity after announcing its re-entry into the U.S. market. Co-founder Antoni Trenchev has credited the move to a more favorable regulatory environment under the Donald Trump presidency. Notably, Nexo exited the U.S. in 2022 fo...