[Xangle Briefing] Ethereum recovers from its oversold condition, showing similar patterns to that of gold
https://xangle.io/project/ETH/disclosures/5e59b498de96336f21d94892
According to crypto disclosure platform Xangle, Ethereum’s RSI (Relative Strength Index) readings, a technical indicator in measuring whether an asset is overbought/oversold, show that Ethereum has recovered from its oversold condition yesterday. Ethereum’s RSI started to decline on Feb. 27th, when Bitcoin’s RSI was 27.7.
Bitcoin's MFI (Money Flow Index) shows that Bitcoin has also recovered from its oversold condition on the same day. Such trends show similar patterns to that of gold, a typical example of a risk-free asset. Gold prices recovered yesterday after hitting -4% last week.
Xangle announced on Feb. 29th that Ethereum was in oversold condition (RSI 29.7). In the traditional finance market, if an asset’s RSI reading is below 30, it is considered to be oversold.
Bitcoin and Ethereum’s decline in technical indicator stats seem to have been impacted by the weakening of finance market sentiment due to the fear of the Coronavirus. Even gold showed downtrends last week; on Feb. 28th, gold prices dropped by -4.61%. Gold prices are currently increasing by 1%.
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