Cardano fell to a multi-week low on March 2, as cryptocurrency prices were mostly lower in today’s session. Global market capitalization has mostly declined on Thursday and is trading 1.71% lower as of this writing. Cosmos was also in the red, with prices pulling back to a key price floor.
Cardano (ADA)
Cardano (ADA) fell to a multi-week low on Thursday as prices crashed through a key support point.
ADA/USD fell to an intraday low of $0.3501 in today’s session, after hitting a high of $0.3637 on Wednesday.
As a result of the move, Cardano traded slightly above a bottom at $0.3500, which is its weakest point since February 13.
Looking at the chart, one of the catalysts for the move was a lower crossover between the 10-day (red) and 25-day (blue) moving averages.
On top of this, the RSI also failed to break a top at 45.00.
At the time of writing, the RSI is now at 41.68 and appears to be heading for a bottom at 40.00.
cosmos (ATOM)
Also, cosmos (ATOM) also fell back into the red, as prices pulled back to a recent low.
After a high of $12.91 on Wednesday, ATOM/USD fell to a low of $12.26 earlier in today’s session.
The move sent the token dipping below a long-term support point of $12.30, nearing a six-week low in the process.
Overall, the cosmos is down over 10% over the past seven days, which comes as the RSI continued to slide towards a bottom at 40.00.
At time of writing, the index sits at 40.99, which is close to its weakest point in the past two months.
If the price strength reaches your target floor, ATOM it will probably trade near the $12.00 mark.
Sign up your email here to receive weekly price analysis updates in your inbox:
Could the cosmos drop below $12.00 this week? Let us know your thoughts in the comments.
image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
