• bitcoinBitcoin (BTC) $ 51,217.00
  • ethereumEthereum (ETH) $ 2,950.02
  • tetherTether (USDT) $ 0.998973
  • bnbBNB (BNB) $ 379.61
  • solanaSolana (SOL) $ 103.91
  • xrpXRP (XRP) $ 0.540123
  • staked-etherLido Staked Ether (STETH) $ 2,946.42
  • usd-coinUSDC (USDC) $ 0.999365
  • cardanoCardano (ADA) $ 0.589916
  • avalanche-2Avalanche (AVAX) $ 36.80
  • tronTRON (TRX) $ 0.139832
  • dogecoinDogecoin (DOGE) $ 0.084134
  • chainlinkChainlink (LINK) $ 18.34
  • polkadotPolkadot (DOT) $ 7.45
  • matic-networkPolygon (MATIC) $ 0.955380
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 51,210.00
  • the-open-networkToncoin (TON) $ 2.08
  • internet-computerInternet Computer (ICP) $ 12.86
  • shiba-inuShiba Inu (SHIB) $ 0.000010
  • uniswapUniswap (UNI) $ 7.34
  • bitcoin-cashBitcoin Cash (BCH) $ 260.11
  • litecoinLitecoin (LTC) $ 68.84
  • daiDai (DAI) $ 0.999040
  • immutable-xImmutable (IMX) $ 3.32
  • leo-tokenLEO Token (LEO) $ 4.18
  • bittensorBittensor (TAO) $ 611.16
  • kaspaKaspa (KAS) $ 0.168147
  • filecoinFilecoin (FIL) $ 7.42
  • cosmosCosmos Hub (ATOM) $ 9.81
  • hedera-hashgraphHedera (HBAR) $ 0.111601
  • blockstackStacks (STX) $ 2.57
  • ethereum-classicEthereum Classic (ETC) $ 25.78
  • optimismOptimism (OP) $ 3.69
  • aptosAptos (APT) $ 9.21
  • nearNEAR Protocol (NEAR) $ 3.20
  • stellarStellar (XLM) $ 0.115539
  • vechainVeChain (VET) $ 0.044575
  • okbOKB (OKB) $ 51.16
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.997377
  • injective-protocolInjective (INJ) $ 34.54
  • celestiaCelestia (TIA) $ 17.13
  • lido-daoLido DAO (LDO) $ 3.05
  • render-tokenRender (RNDR) $ 7.15
  • the-graphThe Graph (GRT) $ 0.279658
  • mantleMantle (MNT) $ 0.766002
  • crypto-com-chainCronos (CRO) $ 0.091078
  • arbitrumArbitrum (ARB) $ 1.83
  • moneroMonero (XMR) $ 121.99
  • sei-networkSei (SEI) $ 0.842312
  • suiSui (SUI) $ 1.67
  • makerMaker (MKR) $ 2,031.16
  • rocket-pool-ethRocket Pool ETH (RETH) $ 3,240.07
  • beam-2Beam (BEAM) $ 0.034694
  • mantle-staked-etherMantle Staked Ether (METH) $ 3,016.10
  • thorchainTHORChain (RUNE) $ 5.10
  • elrond-erd-2MultiversX (EGLD) $ 57.52
  • algorandAlgorand (ALGO) $ 0.189086
  • quant-networkQuant (QNT) $ 103.97
  • bitcoin-svBitcoin SV (BSV) $ 75.33
  • bitget-tokenBitget Token (BGB) $ 1.01
  • ordinalsORDI (ORDI) $ 64.53
  • aaveAave (AAVE) $ 91.43
  • starknetStarknet (STRK) $ 1.85
  • mina-protocolMina Protocol (MINA) $ 1.26
  • flowFlow (FLOW) $ 0.889044
  • heliumHelium (HNT) $ 9.15
  • dydx-chaindYdX (DYDX) $ 2.98
  • true-usdTrueUSD (TUSD) $ 0.974087
  • tokenize-xchangeTokenize Xchange (TKX) $ 15.52
  • theta-tokenTheta Network (THETA) $ 1.21
  • flare-networksFlare (FLR) $ 0.034304
  • havvenSynthetix Network (SNX) $ 3.54
  • fetch-aiFetch.ai (FET) $ 1.11
  • fantomFantom (FTM) $ 0.408629
  • chilizChiliz (CHZ) $ 0.128554
  • worldcoin-wldWorldcoin (WLD) $ 8.46
  • the-sandboxThe Sandbox (SAND) $ 0.488618
  • axie-infinityAxie Infinity (AXS) $ 7.67
  • bittorrentBitTorrent (BTT) $ 0.000001
  • dymensionDymension (DYM) $ 7.02
  • cheeleeCheelee (CHEEL) $ 18.83
  • whitebitWhiteBIT Coin (WBT) $ 7.00
  • kucoin-sharesKuCoin (KCS) $ 10.49
  • tezosTezos (XTZ) $ 1.11
  • apecoinApeCoin (APE) $ 1.68
  • blurBlur (BLUR) $ 0.702843
  • sats-ordinalsSATS (Ordinals) (SATS) $ 0.00000047
  • osmosisOsmosis (OSMO) $ 1.54
  • siacoinSiacoin (SC) $ 0.016903
  • galaGALA (GALA) $ 0.027868
  • akash-networkAkash Network (AKT) $ 4.09
  • roninRonin (RON) $ 3.10
  • frax-etherFrax Ether (FRXETH) $ 2,955.57
  • astarAstar (ASTR) $ 0.162778
  • dydxdYdX (ETHDYDX) $ 2.98
  • conflux-tokenConflux (CFX) $ 0.237434
  • decentralandDecentraland (MANA) $ 0.481257
  • singularitynetSingularityNET (AGIX) $ 0.698883
  • neoNEO (NEO) $ 12.40
  • eosEOS (EOS) $ 0.763456
  • arweaveArweave (AR) $ 13.27
  • iotaIOTA (IOTA) $ 0.272964
  • manta-networkManta Network (MANTA) $ 3.32
  • kavaKava (KAVA) $ 0.765527
  • pyth-networkPyth Network (PYTH) $ 0.548313
  • gnosisGnosis (GNO) $ 313.80
  • jasmycoinJasmyCoin (JASMY) $ 0.016412
  • axelarAxelar (AXL) $ 1.40
  • oasis-networkOasis Network (ROSE) $ 0.118426
  • woo-networkWOO (WOO) $ 0.429651
  • klay-tokenKlaytn (KLAY) $ 0.221361
  • bonkBonk (BONK) $ 0.000012
  • wemix-tokenWEMIX (WEMIX) $ 2.07
  • usddUSDD (USDD) $ 0.999377
  • swethSwell Ethereum (SWETH) $ 3,011.82
  • msolMarinade staked SOL (MSOL) $ 121.60
  • terra-lunaTerra Luna Classic (LUNC) $ 0.000122
  • ethereum-name-serviceEthereum Name Service (ENS) $ 21.89
  • staked-frax-etherStaked Frax Ether (SFRXETH) $ 3,161.66
  • pancakeswap-tokenPancakeSwap (CAKE) $ 2.80
  • frax-shareFrax Share (FXS) $ 8.43
  • fraxFrax (FRAX) $ 0.995817
  • nexoNEXO (NEXO) $ 1.15
  • ecasheCash (XEC) $ 0.000033
  • jupiter-exchange-solanaJupiter (JUP) $ 0.471803
  • gatechain-tokenGate (GT) $ 4.70
  • curve-dao-tokenCurve DAO (CRV) $ 0.550598
  • illuviumIlluvium (ILV) $ 95.89
  • altlayerAltLayer (ALT) $ 0.533809
  • xdce-crowd-saleXDC Network (XDC) $ 0.041348
  • coinbase-wrapped-staked-ethCoinbase Wrapped Staked ETH (CBETH) $ 3,127.20
  • rocket-poolRocket Pool (RPL) $ 27.56
  • zetachainZetaChain (ZETA) $ 2.31
  • iotexIoTeX (IOTX) $ 0.057688
  • corgiaiCorgiAI (CORGIAI) $ 0.001814
  • ondo-financeOndo (ONDO) $ 0.378509
  • coredaoorgCore (CORE) $ 0.614001
  • trust-wallet-tokenTrust Wallet (TWT) $ 1.27
  • 1inch1inch (1INCH) $ 0.441530
  • kujiraKujira (KUJI) $ 4.09
  • tether-goldTether Gold (XAUT) $ 2,024.38
  • fasttokenFasttoken (FTN) $ 1.63
  • pepePepe (PEPE) $ 0.000001
  • radixRadix (XRD) $ 0.047542
  • casper-networkCasper Network (CSPR) $ 0.040769
  • livepeerLivepeer (LPT) $ 15.28
  • lido-staked-solLido Staked SOL (STSOL) $ 121.10
  • superfarmSuperVerse (SUPER) $ 1.04
  • enjincoinEnjin Coin (ENJ) $ 0.331876
  • stepnGMT (GMT) $ 0.262817
  • nervos-networkNervos Network (CKB) $ 0.010683
  • neutron-3Neutron (NTRN) $ 1.63
  • metis-tokenMetis (METIS) $ 85.80
  • compound-wrapped-btccWBTC (CWBTC) $ 1,028.14
  • apenftAPENFT (NFT) $ 0.00000045
  • skaleSKALE (SKL) $ 0.085966
  • aelfaelf (ELF) $ 0.629834
  • terra-luna-2Terra (LUNA) $ 0.663444
  • ocean-protocolOcean Protocol (OCEAN) $ 0.742378
  • bitcoin-goldBitcoin Gold (BTG) $ 24.69
  • gmxGMX (GMX) $ 45.75
  • compound-ethercETH (CETH) $ 59.38
  • echelon-primeEchelon Prime (PRIME) $ 12.43
  • ribbon-financeRibbon Finance (RBN) $ 0.464017
  • kusamaKusama (KSM) $ 46.51
  • mask-networkMask Network (MASK) $ 4.31
  • aleph-zeroAleph Zero (AZERO) $ 1.36
  • pixelsPixels (PIXEL) $ 0.538987
  • holotokenHolo (HOT) $ 0.002315
  • api3API3 (API3) $ 3.94
  • zilliqaZilliqa (ZIL) $ 0.023088
  • zcashZcash (ZEC) $ 27.63
  • compound-governance-tokenCompound (COMP) $ 59.21
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • pax-goldPAX Gold (PAXG) $ 2,000.35
  • gasGas (GAS) $ 6.20
  • pocket-networkPocket Network (POKT) $ 0.244276
  • desoDecentralized Social (DESO) $ 38.06
  • convex-financeConvex Finance (CVX) $ 4.88
  • hytopiaHytopia (TOPIA) $ 0.078973
  • celoCelo (CELO) $ 0.734886
  • strideStride (STRD) $ 4.33
  • stader-ethxStader ETHx (ETHX) $ 3,009.84
  • basic-attention-tokenBasic Attention (BAT) $ 0.253803
  • golemGolem (GLM) $ 0.367883
  • vethor-tokenVeThor (VTHO) $ 0.005069
  • moonbeamMoonbeam (GLMR) $ 0.436012
  • rollbit-coinRollbit Coin (RLB) $ 0.130360
  • xai-blockchainXai (XAI) $ 1.28
  • safepalSafePal (SFP) $ 0.766063
  • helium-mobileHelium Mobile (MOBILE) $ 0.004287
  • dashDash (DASH) $ 30.07
  • qtumQtum (QTUM) $ 3.26
  • oec-tokenOKT Chain (OKT) $ 18.99
  • flokiFLOKI (FLOKI) $ 0.000034
  • nemNEM (XEM) $ 0.037329
  • magicMagic (MAGIC) $ 1.29
  • origintrailOriginTrail (TRAC) $ 0.858297
  • chromawayChromia (CHR) $ 0.417072
  • dogwifcoindogwifhat (WIF) $ 0.324501

6 cryptocurrencies to avoid trading this week

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Bitcoin (BTC) has reached a new multi-year high at $45,922 on January 2, 2024. Following its leadership, some cryptocurrencies have been trading at higher prices.

While most people wait for strong price action to deploy capital into a given cryptocurrency, smart money avoids trading overextended speculative assets as part of a good risk management strategy.

Notably, investors can find cryptocurrencies to avoid trading this week using fundamental and technical analysis. In particular, meme coins with poor fundamentals and ‘overbought’ coins according to the Relative Strength Index (RSI).

Avoid trading memecoins in 2024

Memecoins like Dogecoin (DOGE) were initially created as a tool for having fun with digital money. After Elon Musk’s support of DOGE and the surge of Shiba Inu (SHIB), memecoins have become popular among cryptocurrency traders.

Interestingly, Pepe (PEPE) and Bonk (BONK) are examples of meme coins that benefited from speculator’s greed in 2023. BONK was the year’s biggest gainer, but its investors could face a similar fate to PEPE’s and most of these micro financial bubbles.

Savvy investors should avoid trading meme coins this cycle, specifically PEPE and BONK.

Overbought cryptocurrencies to avoid trading this week

On another perspective, Finbold also spotted four non-meme coin cryptocurrencies with high RSIs using CoinGlass’s heatmap. In particular, Filecoin (FIL), Internet Computer Protocol (ICP), BitcoinSV (BSV), and Perpetual Protocol (PERP).

The ‘overbought’ status of these projects increases the odds of price retracement and massive liquidations. However, even an overbought asset can continue to rise in such an uncertain market as is crypto’s.

Filecoin (FIL)

First, FIL scores are 72.28, 78.58, and 86.33 in the 4-hour, 24-hour, and 1-week RSI. They all mark an overbought status to Filecoin, trading at $7.77 by press time, up 5.55% in 24 hours.

6 cryptocurrencies to avoid trading this week

Internet Computer Protocol (ICP)

In the meantime, ICP has a higher weekly RSI of 91.66 while showing a similar overbought 78.3 in the daily chart. The Internet Computer Protocol’s native token started its short-term correction, down 1.47% at $13.50, with 64.49 4-hour RSI.

6 cryptocurrencies to avoid trading this week

Avoid trading BitcoinSV (BSV)

BitcoinSV also joins this week’s cryptocurrencies to avoid trading with 76.03 24-hour RSI, trading at $98.33. The most centralized Bitcoin network remains overbought despite losing a massive 7.22% in the last 24 hours.

6 cryptocurrencies to avoid trading this week

Perpetual Protocol (PERP)

Finally, PERP is changing hands by $1.50 at the time of publication, surging $22.52 on January 2, 2024. Meanwhile, Perpetual’s token is overbought on all time frames, registering 84.35 in the weekly RSI and 77.4 in the 4-hour and the daily charts.

6 cryptocurrencies to avoid trading this week

All things considered, knowing which cryptocurrencies to avoid trading is crucial in investing. Traders should always monitor relevant indicators and understand their trading projects to increase an already unfavorable odds from a highly speculative market.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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