AVAX, which saw prices fall by more than 10% and hit a 2-week high, was the most significant mover in crypto markets. ATOM also traded in red with its price dropping as high as 13% during the day.
Avalanche (AVAX)
AVAX was one of today’s biggest losers, as prices fell by over 10% on Thursday, pushing them to a two-week low.
Following a low of $23.72 during Wednesday’s session, AVAX/USD climbed to a peak of $28.54 earlier in the day.
Today’s drop saw AVAX hit its lowest point since May 12, and comes as its recent support point of $29.20 was broken.
Now prices seem to have reached a lower level at $24.10, which is similar to a low of $22.30 ten months ago.
The chart shows that the Relative Strength Index is now below 30 after it reached 32 earlier in the week.
The result has been an increase in bearishness and an extension to a nearly six-week downcycle.
The floor at the $28 mark has been fairly stable so far. Bulls could use this to force prices towards resistance.
Cosmos (ATOM)
ATOM also dropped by double digits on Thursday, as it too fell below its recent price floor during today’s session.
As prices for ATOM/USD dropped to an intraday low at $9.37 (which, along with AVAX is also a 2-week low), the floor of $10.00 was broken.
Thursday’s drop follows a high of $10.90 during yesterday’s session. However, after four sessions of consecutive declines prices now stand at single digits.
The chart shows that the 10-day moving mean is not now downward-facing, which can indicate a potential rebound.
This is a common sign of price rises. If we observe an upward cross between the 10-day and the 25-day moving medians, then the possibility for a slight increase in the 10-day average is higher.
Traders are now waiting to see whether ATOM can reclaim the $10 level. If this happens, we may see a surge of bullish short-term-minded traders.
Is ATOM likely to fall further, before any price rebound? We’d love to hear your comments.
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