ADA Hits Multi-Week Low as Red Wave Hits Crypto Markets – Market Updates Bitcoin News
Cardano fell to a multi-week low on March 2, as cryptocurrency prices were mostly lower in the day’s session. The global market capitalization has largely fallen on Thursday, and is trading 1.71% lower at the time of writing. Cosmos was also in the red, with prices retreating to a key price floor.
Cardano (ADA)
Cardano (ADA) fell to a multi-week low on Thursday as prices collided with a key support point.
ADA/USD plunged to an intraday low of $0.3501 in today’s session, following a high of $0.3637 on Wednesday.
As a result of the move, cardano traded just above a floor at $0.3500, which is the weakest point since February 13th.
Looking at the chart, one of the catalysts for the move was a bearish crossover between the 10-day (red) and 25-day (blue) moving averages.
In addition to this, the relative strength index (RSI) also failed to climb above a ceiling of 45.00.
At the time of writing, the RSI is now tracking 41.68, and looks set to head towards a floor at 40.00.
Cosmos (ATOM)
In addition, cosmos (ATOM) also fell back into the red as prices retreated to a recent floor.
After a high of $12.91 on Wednesday, ATOM/USD fell to a low of $12.26 earlier in today’s session.
The move saw the token fall below a long-term support point of $12.30, nearing a six-week low in the process.
Overall, the cosmos is down over 10% over the past seven days, which comes as the RSI continued to fall towards a 40.00 floor.
At the time of writing, the index is following 40.99, which is close to the weakest point in the last two months.
Should price strength reach its targeted floor, ATOM is likely to trade near the $12.00 mark.
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Can the cosmos fall below $12.00 this week? Let us know your thoughts in the comments.
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