Biggest Movers: Monero, Cosmos Slip on Thursday, as Crypto Economy’s Red Wave Returns
With cryptocurrency markets falling on Thursday, XMR and ATOM were two of the biggest movers during the day. Solana was also nearing a double-digit decline, as bulls seemingly sat out today’s session.
Monero (XMR) was undoubtedly the biggest bear during Thursday’s session, as the cryptocurrency fell to the #40 position in the top 100.
Following a high of $192.23 on Wednesday, XMR/USD fell to an intraday low of $167.29, which is 12% lower than yesterday’s peak.
Today’s drop saw monero fall marginally below its support point of $170 for the first time since Tuesday, with traders now expecting lower lows.
XMR/USD – Daily Chart
Looking at the chart, the $153 level could be a target for bears, should they continue to pressure markets into further declines.
However, should we see this floor re-captured, bulls have shown a tendency to re-enter at this point, so a rebound will likely be inevitable.
Cosmos (ATOM) was another notable mover during today’s session, as prices were unable to sustain Wednesday’s break out of resistance.
Following a high of $31.21 yesterday, which saw prices marginally move above resistance of $30.25, ATOM/USD has so far fallen to an intraday low of $27.58.
This drop in price has almost completely wiped out all of Wednesday’s gains, and now looks set to fall even further to support $26.25.
ATOM/USD – Daily Chart
An obstacle that could prevent this from happening is the 14-day RSI, which currently is sitting at 47.25, a point that has acted as a floor since February 26.
Should this be broken, bears will likely flood the market, however, we could see a rebound if price strength marginally rises towards the 50 level.
Are there any other movers you think are worth noting today? Let us know your thoughts in the comments.
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