Bitcoin (BTC) reached a new multi-year high at $47,281 on January 8, 2024. Following its leadership, some cryptocurrencies have traded at higher prices and are threatening a retracement.
While most people wait for good price performance to deploy capital into a given cryptocurrency, smart money avoids trading overextended speculative assets as part of a good risk management strategy.
Interestingly, investors can find cryptocurrencies to avoid trading this week using fundamental and technical analysis. In particular,‘overbought’ coins according to the Relative Strength Index (RSI).
Avoid trading ConstitutionDAO (PEOPLE)
ConstitutionDAO (PEOPLE) is the first cryptocurrency to avoid trading. The token has lost close to 17% in the last 24 hours, priced at $0.034 by press time.
Notably, the $178.16 million market cap PEOPLE has seen a daily volume of $316.16 million — 238% of its capitalization. According to CoinMarketCap, the DAO was an experiment and had already dissolved.
Constitut
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