After trading lower for the majority of Monday’s session, cryptocurrency prices were slowly starting to find support, with a few markets rallying, as we headed toward the end of the day.
Cosmos (ATOM) is one of these cryptos. It was also the largest gainer among the top 20 and climbed by nearly 10% to begin the week. ATOM/USD climbed as high as $36.23 intraday, an increase of around $10 over its previous high (ATH) on January 7.
Monday’s move came as prices rebounded from the recent support level of $31.00, after briefly falling to a secondary support point of $27.05 over the weekend. This false breakout has seen bulls push prices higher.
You can also see that the 10-EMA has crossed below the 25-EMA (blue), which is usually indicative of bearish momentum. However, the support level remains, so could this indicate higher prices?
The RSI indicator shows that ATOM/USD currently tracks at 50. This means it’s neither oversold nor overbought. It could be shifting in any direction.
Despite Monday’s selloff slowing as the day approached a close, prices of solana (SOL) remained lower.
SOL/USD, currently #8 on the crypto top 10, traded over 11% lower as of writing. It hit an intraday low at $81.23
The chart below shows that Solana has formed a descending triangle, after a streak of lower lows, with today’s fall sending prices to their lowest level since August 27th.
Prices briefly broke out of the price floor of $85.15 earlier in today’s session, however have since rebounded above this level.
Currently the RSI tracking is at 23. This is oversold territory. Could this mean that bulls could re-enter Tuesday?
What do you think about cosmos and solana’s price action? We’d love to hear your opinions in the comments section below.
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