MATIC down 10%, ATOM hits 2-week low – market updates
polygon fell over 10% on Feb. 13 as a red wave swept through cryptocurrency markets during Monday’s session. Volatility was high ahead of Tuesday’s US CPI release and with BUSD depegging. cosmos was also trading lower earlier in the week, hitting a 14-day low.
Polygon (MATIC)
Polygon (MATIC) fell as much as 10% earlier in the week as the global market capitalization for cryptocurrencies collapsed on Monday.
After a high of $1.29 on Sunday, MATIC/USD slipped to an intraday low of $1.16 today.
In today’s move, the token fell to its lowest level since Feb. 1 when MATIC traded at a low of $1.06.
As can be seen from the chart, the sell-off occurred on Monday, when the 14-day relative strengthindex (RSI) fell below the support at 55.00
Currently, the index is at 53.53, which is its weakest reading since Jan. 8, when Polygon was valued at $0.79.
If momentum falters further, a bottom near 50.00 could be where MATIC bulls can find stability while preparing for future rallies.
Cosmos (ATOM)
Cosmos (ATOM) was another notable climber on Monday as it also fell to a multi-week low.
ATOM/USD fell to a bottom of $12.85 earlier in the day, which comes less than 24 hours after trading at $13.94.
Monday’s drop in price sees ATOM trading at its weakest point since Jan. 30, when the token bottomed at $12.78.
Looking at the chart, today’s move follows two breakouts, first the $13.00 level, then a move below a long-term floor on the RSI.
That support point mentioned earlier was the 49.00 zone which was broken earlier today with the index now trailing at 46.32.
If the momentum continues to move lower over the next few days, there is a high possibility that ATOM could head for lower support at $12.50.
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Could the cosmos end its recent bear run and recover this week? Let us know your thoughts in the comments.
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Source: Crypto News Deutsch
