ATOM fell to a 3-week low Thursday while crypto markets suffered another round of losses. GRT dropped by nearly 10% and markets overall are down 5%, as of this writing.
Cosmos (ATOM)
ATOM dropped towards a three-week low during Thursday’s session, as global crypto markets were nearly 5% lower.
Following a peak of $10.46 on hump-day, ATOM/USD slipped to an intraday low of $9.23 earlier in today’s session.
ATOM will now be back at $9.30 for long-term support, which it has maintained since May 12.
This floor may be tested as prices are currently experiencing significant descending pressure.
A test of the price strength is the 14-day RSI, which will show how it reacts in the following few days. The floor at 34 currently stands marginally higher than the floor.
If this level is not reached, bears will continue to press prices and push them further down.
GRT stands for Graph
GRT dropped again for the second session, another sign that GRT fell more than 10%.
Despite going on a run of four sessions in the green, prices of GRT have dropped in the last two days, with today’s move taking price close to its floor.
GRT/USD hit an intraday low of $0.1414 today, which is over 10% lower than Wednesday’s peak of $0.164.
As a result of today’s decline, prices are now nearing the support level of $0.1320, which hasn’t been hit since May 27.
This is because the momentum for the moving averages has been declining. However, this slowdown has begun to slow down with the 10-day trending sideways.
It will continue its current trend and cross the downward 25 day average. This could make it an excellent setup to price reverse.
Is GRT likely to reach its $0.1320 by the close of this week’s trading? We’d love to hear your comments.
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