Polygon fell more than 10% on Feb. 13, as a wave of red swept through the cryptocurrency markets during the Monday session. Volatility was high ahead of the release of the US Consumer Price Index on Tuesday and with the decoupling of the BUSD. Cosmos was also trading lower to start the week, hitting a 14-day low.
Polygon (MATIC)
Polygon (MATIC) fell as much as 10% to start the week as the global cryptocurrency market capitalization plunged on Monday.
Following a high of $1.29 on Sunday, MATIC/USD fell to an intraday low of $1.16 today.
Today’s move sent the token falling to its lowest level since February 1, when MATIC was trading as low as $1.06.
As can be seen on the chart, Monday’s selloff occurred as the 14-day RSI dipped below support at 55.00.
The index currently sits at 53.53, which is its weakest reading since January 8, when the polygon was valued at $0.79.
If momentum continues to wane, a bottom at 50.00 could be where MATIC bulls find stability as they begin to prepare for future rallies.
cosmos (ATOM)
cosmos (ATOM) was another notable move on Monday as it also fell to a multi-week low.
ATOM/USD fell to a low of $12.85 earlier in the day, coming less than 24 hours after trading at $13.94.
Monday’s price drop sees ATOM It is trading at its weakest point since January 30, when the token bottomed out at $12.78.
Looking at the chart, today’s move comes after two breakouts, first the $13.00 mark, and then a move below a long-term bottom on the RSI.
This aforementioned support point has been the 49.00 zone, which was broken earlier today, with the index now at 46.32.
If the momentum continues to decline over the next few days, there is a very good chance that ATOM it could head for lower support at $12.50.
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Could the cosmos break its recent bearish streak and rally this week? Let us know your thoughts in the comments.
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