Friday, 3 March 2023

Biggest Movers: ADA Hits Multi-Week Low, as Red Wave Hits Crypto Markets

by Berkeley Lovelace

Biggest Movers: ADA Hits Multi-Week Low, as Red Wave Hits Crypto Markets

Cardano fell to a multi-week low on March 2, as cryptocurrency prices were mostly lower in today’s session. The global market cap has mostly declined on Thursday, and is trading 1.71% lower as of writing. Cosmos was also in the red, with prices retreating to a key price floor.

Cardano (ADA)

Cardano (ADA) dropped 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 slightly above a floor at $0.3500, which is its weakest point since February 13.

Looking at the chart, one of the catalysts for the move was a downward 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 at 45.00.

At the time of writing, the RSI is now tracking at 41.68, and appears to be heading for a floor at 40.00.

Cosmos (ATOM)

Additionally, cosmos (ATOM) also fell back into the red, as prices retreated to a recent floor.

Following a high of $12.91 on Wednesday, ATOM/USD dropped 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, cosmos is down by over 10% in the last seven days, which comes as the RSI continued to fall towards a floor at 40.00.

As of writing, the index is tracking at 40.99, which is near its weakest point in the last two months.

Should price strength hit its targeted floor, ATOM will likely be trading close to the $12.00 mark.

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Could cosmos fall below $12.00 this week? Let us know your thoughts in the comments.