AVAX hits 2-week low as DOT extends recent losses – market updates
Avalanche fell to a two-week low on Tuesday as the token broke a key support point. Prices fell below a floor of $17.50 on the back of the global market capitalization for cryptocurrencies down 1.01% at the time of writing. Also polka dots extended its recent losses, falling nearly 3% on Feb. 28.
Avalanche (AVAX) slipped to a multi-week low on Tuesday as prices slipped below a key support point.
After a high of $18.62 earlier in the week, AVAX/USD fell to a low of $17.39 earlier in today’s session.
This move led the Avalanche to hit its weakest level since February 13, the last time prices were below $17.00.
The chart indicates that one of the catalysts for the decline is a breakout in relative strengthindex (RSI) was.
Price strength dropped below a floor of 43.00 and currently the RSI is floating at the 42.28 level.
The next visible support point seems to be near the 40.00 level and if that is reached there is a strong chance that AVAX will drop below $17.00.
Alongside AVAX, Polkadot (DOT) also extended recent losses, falling for the second straight session.
DOT/USD moved to a low of $6.43 on Tuesday after trading at a high of $6.78 for the week.
As a result of today’s drop, DOT is now down in seven of the last eight sessions, falling over 11% in that time.
As with AVAX, today’s sell-off came as the RSI broke out of a bottom – in this case the 48.00 area.
As of this writing, the index is hovering closer to 47.00 with the bears appearing to be targeting a support point at $6.30.
The 10-day moving average (red) is now pointing firmly down, summing up the current market momentum.
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Could Polkadot Reach $6.30 In The Coming Days? Let us know your thoughts in the comments.
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Source: Crypto News Deutsch