Monero, Cosmos Slip on Thursday, as Crypto Economy’s Red Wave Returns – Market Updates Bitcoin News

XMR (ATOM) and ATOM, which were the two biggest movers in cryptocurrency markets on Thursday fell. Solana was also nearing a double-digit decline, as bulls seemingly sat out today’s session.

Monero (XMR)

Monero (XMR) was undoubtedly the biggest bear during Thursday’s session, as the cryptocurrency fell to the #40 position in the top 100.

Following a high of $192.23 on Wednesday, XMR/USD fell to an intraday low of $167.29, which is 12% lower than yesterday’s peak.

Today’s drop saw monero fall marginally below its support point of $170 for the first time since Tuesday, with traders now expecting lower lows.

The $153 mark could represent a target area for bears if they keep pushing markets to further declines.

Should this be the case, however, we should expect a rebound. The bulls are known to have a tendency at this stage to re-enter, which would make it unlikely that this floor is recaptured.

Cosmos (ATOM)

Cosmos (ATOM) was another notable mover during today’s session, as prices were unable to sustain Wednesday’s break out of resistance.

ATOM/USD fell to $27.58 yesterday after a peak of $31.21 yesterday. Prices moved slightly above the resistance level of $30.25.

This drop in price has almost completely wiped out all of Wednesday’s gains, and now looks set to fall even further to support $26.25.

The 14-day RSI currently sits at 47.25. This is a level that acts as a floor and has been since February 26.

This could lead to bearish market conditions. If the market is not broken, the bulls are likely to flood it. But, there may be a rebound in the event that the price rises slightly towards the 50 mark.

Do you know of any other moving companies worth mentioning? Please share your views with us in the comments.

Eliman Dambell

Eliman has a broad perspective on market analysis. He is a former brokerage director and retail trading teacher, and he can also be a market commentator for Crypto, Stocks, and FX.