Avalanche fell to a two-week low on Tuesday as the token broke out of a key support point. Prices dipped below a floor at $17.50, which comes as the global cryptocurrency market capitalization is down 1.01% at time of writing. Polkadot also extended its recent losses, falling nearly 3% on February 28.
Avalanche (AVAX)
Avalanche (AVAX) fell to a multi-week low on Tuesday as prices moved below a key support point.
After a high of $18.62 at the beginning of the week, AVAX/USD fell to a low of $17.39 earlier in today’s session.
This move caused the avalanche to reach its weakest level since February 13, which is the last time prices were below $17.00.
From the chart, it appears that one of the catalysts for the decline was a break in the RSI.
Price strength dipped below a bottom at 43.00 and at time of writing the RSI is at the 42.28 level.
The next visible point of support appears to be near the 40.00 mark, and if it is reached, there is a strong possibility that AVAX will move below $17.00.
Polka Dots (POINT)
In addition to AVAX, polkadot (DOT) also extended recent losses, falling for the second session in a row.
DOT/USD moved to a low of $6.43 on Tuesday, after starting the week trading as high as $6.78.
As a result of today’s drop, DOT has now fallen in seven of the last eight sessions, down more than 11% in that time.
As with AVAX, today’s sell-off occurred when the RSI broke through a bottom, in this case the 48.00 area.
At time of writing, the index is nearing 47.00, with bears apparently targeting a support point at $6.30.
The 10-day moving average (red) is now pointing firmly to the downside, which sums up the current momentum in the market.
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Could polkadot reach $6.30 in the next few days? Let us know your thoughts in the comments.
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