ADA Hits Multi-Week Low as Red Wave Hits Crypto Markets – Market Updates
Cardano fell to a multi-week low on March 2 as cryptocurrency prices were lower for most of today’s session. The Global market capitalization was lower for most of Thursday, trading 1.71% lower at the time of writing. cosmos was also in the red, with prices falling 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 tumbled to an intraday low of $0.3501 in today’s session after hitting a high of $0.3637 on Wednesday.
As a result of this move, Cardano traded slightly above a floor of $0.3500, which is its weakest point since February 13.
Looking at the chart, one of the triggers for the move was a downside crossover between the 10-day (red) and 25-day (blue) moving averages.
In addition, the relative-strengthindex (RSI) fails to scale above a ceiling of 45.00.
At the time of writing, the RSI is now hovering around 41.68 and appears to be heading for a bottom at 40.00.
Cosmos (ATOM)
Additionally, Kosmos (ATOM) also slipped back into the red as prices retreated to a recent floor.
After hitting a high of $12.91 on Wednesday, ATOM/USD fell to a low of $12.26 earlier in the 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 over 10% over the past seven days as the RSI continued to fall towards a bottom near 40.00.
As of this writing, the index is at 40.99, which is near its weakest point in the last two months.
If the price strength reaches its targeted bottom, ATOM is likely to trade near the $12.00 level.
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Could Cosmos Drop Below $12.00 This Week? Let us know your thoughts in the comments.
photo credit: Shutterstock, Pixabay, WikiCommons
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Source: Crypto News Deutsch
