MATIC Drops 10%, ATOM Hits Two-Week Low – Market Updates Bitcoin News
Polygon fell over 10% on February 13 as a red wave swept through the cryptocurrency markets during Monday’s session. Volatility was high before Tuesday’s US CPI release, and with the depegging of the BUSD. Cosmos also traded lower to start the week, hitting a 14-day low.
Polygon (MATIC)
Polygon (MATIC) fell by as much as 10% to start the week, as the global cryptocurrency market capitalization plunged on Monday.
After a high of $1.29 on Sunday, MATIC/USD fell to an intraday low of $1.16 earlier today.
Today’s move saw the token fall to its lowest level since February 1, when MATIC traded at a low of $1.06.
As seen in the chart, Monday’s sell-off occurred when the 14-day relative strength index (RSI) fell below support at 55.00
Currently, the index is trading at 53.53, which is its weakest reading since January 8, when Polygon was valued at $0.79.
Should momentum continue to decline, a floor of 50.00 could be where the MATIC bulls find stability, as they begin to prepare for future rallies.
Cosmos (ATOM)
Cosmos (ATOM) was another notable draw on Monday as it also fell to a multi-week low.
ATOM/USD fell to a floor of $12.85 earlier in the day, which comes less than 24 hours after trading at $13.94.
Monday’s price drop sees ATOM trading at its weakest point since January 30, when the token bottomed out at $12.78.
Looking at the chart, today’s move comes after two breakouts, first the $13.00 mark, then a move below a long-term floor on the RSI.
This aforementioned support point has been the 49.00 zone, which was breached earlier today, with the index now at 46.32.
If the momentum continues to move downward in the next few days, there is a high probability that ATOM could be headed for a lower support at $12.50.
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Can the cosmos snap its last bear run and bounce back this week? Let us know your thoughts in the comments.
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