On Wednesday, ATOM fell nearly 10% and moved towards its one-year lowest. This came as DOT also declined during today’s trading session, when global crypto markets fell by over 3% as of writing.
Cosmos (ATOM)
ATOM moved the most during Wednesday’s session. It fell almost 3% in the middle of hump-day.
ATOM/USD slipped to an intraday low of $10.47 during today’s stretch, which came following a peak of $11.73 on Tuesday.
After dropping to lows for several months, prices moved towards the long-term support level at $10.30.
Prices are currently down 8.46% as of this writing. The 14-day Relative Strength Index is also trading lower at almost 30.
The chart shows that the index has risen marginally to 30 after it failed to surpass its resistance of 33.
Prices being close to the floor means that there is a good chance of a fall, which may see prices retrace their previous one-year lows.
Polkadot (DOT)
Also, DOT prices were down on hump-day. They fell by over 8 %, and they dropped for the second of three consecutive days.
Following an intraday high of $11.14 over the course of Tuesday’s session, DOT/USD dropped to a low of $9.78 earlier today.
Bears started to identify potential targets as prices fell. The $8.40 floor was a starting point for bears, and it is a level that will be of interest to those who expect further falls.
The support level was initially established six days before prices dropped below $7. They then fell to their lowest point in January 21st.
Although the floor proved to be solid, current price strength is oversold with the RSI tracking currently at 35.33.
As long as this point remains solid, it is unlikely that we’ll see further price drops over the coming days.
Is $8.30 the real floor for DOT? Please share your views with us in the comment section.
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