Best Crypto to Buy Now August 21 – Rollbit Coin, Monero, Optimism
Bitcoin's daily relative strength index (RSI) has plunged below 20, reaching lows not seen since the March 2020 COVID-19 pandemic crash.
This significant oversold reading is sparking discussion about a potential price rebound.
With this in mind, what are the best cryptos to buy now?
Historically, extreme oversold conditions on the RSI have sometimes preceded notable Bitcoin price recoveries.
The RSI oscillates between 0 and 100 - readings above 70 typically signal an overbought cryptocurrency, while sub-30 levels suggest an oversold one.
This latest RSI drop has caught the attention of cryptocurrency market participants.
Some point to prior instances when major oversold readings were followed by rebounds.
This has fueled speculation about whether Bitcoin could see a price rise in the coming weeks after this indicator reached exaggerated lows.
However, the RSI should be interpreted carefully. Despite potentially signaling turning points, oversold readings do not guarantee future price movements.
Bitcoin remains highly volatile, with prices swayed by numerous macroeconomic and technological developments.
Presently, Bitcoin is trading around $26,118, down 0.30% so far today and 10.91% over the past week.
While the RSI is flashing oversold conditions, analysts advise weighing it as one factor among many when evaluating the cryptocurrency's direction.
With Bitcoin searching for support and signs of recovery, Rollbit Coin, Wall Street Memes, Monero, Sonik Coin, and Optimism are some of the best cryptos to buy now thanks to their solid fundamentals and positive technical analysis.
Following a week-long downtrend, RLB is showing its resilience by bouncing off the Fib 0.5 level at $0.13874, staging a significant rally of 18.42% so far today.
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