Bitcoin

Biggest Movers: ATOM Drops for Fourth Straight Session, Hitting 1-Week Low

Cosmos was trading lower for a fourth consecutive session on Monday, as prices approached a one-week low. Decentraland was also trading close to a one-week low on Monday, as the global cryptocurrency market fell by over 3% as of writing.

Cosmos (ATOM)

Cosmos (ATOM) declined for a fourth straight session, as the token moved towards a one-week low.

Following a high of $10.25 during yesterday’s session, ATOM/USD dropped to an intraday low of $9.27 earlier today.

The move comes as ATOM moved closer to its support point of $9.00, less than a week after nearing a breakout of a resistance at $11.25.

ATOM/USD – Daily Chart

Looking at the chart, recent declines have come as the relative strength index (RSI) dramatically dropped, moving from 67 on Friday to 50 today.

Should the 14-day RSI fall below the 50 level, which is also a support point, this could see ATOM moving below its $9.00 floor.

Overall, prices of the token fell by just 3.62% from the same point last week, despite this extended streak of declines.

Decentraland (MANA)

Like ATOM, decentraland (MANA) was trading close to a one-week low during today’s session.

The world’s thirty-fourth largest cryptocurrency slipped to an intraday low of $0.9051 earlier today, which is its lowest level since last Thursday, when prices dropped to $0.8797.

This drop in decentraland comes following a failed breakout attempt above resistance of $1.02 on Sunday.

MANA/USD – Daily Chart

Despite the ceiling being held, MANA reached a one-month high, however bears have now pushed the token away from this point.

As of writing, MANA/USD is now trading at $0.9128, which is marginally above a support level of $0.9030.

The 14-day RSI currently sits at a floor of 50, which would need to be broken if bears are to extend this recent downtrend.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story

Do you expect decentraland to climb back above $1.00 this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Articles You May Like

Berkshire Hathaway reports operating earnings surge, but posts big investment loss amid market rout
Binance Card users now have access to XRP, SHIB and AVAX
Japan has ‘once-in-lifetime’ chance to end deflation, says departing BoJ official
A high-stakes game of marbles
China’s war games spur Taiwanese business to rally to island’s defence