Experts Warn Against Trading These Assets from January 1st to 7th, 2024
Date: 2023-12-30 Author: Dima Zakharov Categories: BUSINESS
The year-end is approaching, and with it, the cryptocurrency market's volatility has decreased, leaving many digital assets behaving unpredictably. Financial experts from Finbold have assessed the situation and advised against trading certain assets from January 1st to 7th.
Binance Coin (BNB) – A Risky Bet
First on the list is Binance Coin (BNB), currently boasting a market capitalization of just over $48.2 billion. Today, BNB is trading near $320, having lost approximately 3.9% in value over the past 24 hours. Analysts anticipate a continuation of the downward trend, attributing it to the relative strength index (RSI) on the 4-hour chart, which suggests overbought conditions.
Astar (AST) – A Bearish Outlook
Astar (AST) is another asset to avoid, with its current price at $0.1271, having lost about 0.92% in the last 24 hours. Notably, the RSI levels on the 4-hour timeframe are hovering around 79, signaling a high likelihood of a bearish trend developing.
Skale (SKL) – High Risk and Overbought
Experts have also raised concerns about Skale (SKL). In the past day, SKL has seen a significant drop in value, plummeting by more than 9.2%, with its current trading price at $0.07887. Of particular concern is the RSI index, which stands at 92.38, indicating significant overbought conditions and increasing the chances of a correction.
In related news, law enforcement agencies in Indonesia have initiated raids on 10 website owners suspected of illegal mining of a local cryptocurrency, FGALM. The suspects are accused of stealing electricity from the national grid. While digital assets are widely used in the region, Indonesia is not considered a major cryptocurrency mining hub. According to existing legislation, electricity theft is a criminal offense.
