75% of top 100 cryptos fall below key moving averages

Amid Bitcoin's decline, 75% of the top 100 cryptocurrencies by market capitalization are now trading below their 50-day and 200-day simple moving averages, Coindesk reported. In contrast, only 29% of the top 100 stocks in the Nasdaq 100 index are exhibiting a similar bearish trend. Despite the deepening downturn, the Relative Strength Index (RSI) indicates that only eight of these cryptocurrencies have entered oversold territory: PI, APT, ALGO, FLARE, VET, JUP, IP, and KAIA. This suggests that the majority of cryptocurrencies may have further room to fall.