ATOM fell towards a three-week short on Thursday, as crypto markets were victim to yet another red wave. Overall, markets are down almost 5% as of composing, with GRT stopping by nearly 10% lower on the day.
ATOM dropped towards a three-week low throughout Thursday’s session, as international crypto markets were almost 5% lower.
Following a peak of $10.46 on hump-day, ATOM/ USD slipped to an intraday low of $9.23 earlier in today’s session.
This relocation sees ATOM back to its long-lasting assistance level of $9.30, which has actually primarily been holding company considering that May 12.
However, with costs presently under a substantial quantity of coming down pressure, this flooring might be checked in approaching days.
An early test will be how the 14-day RSI will respond in the next couple of days, as rate strength presently hovers partially above a flooring of 34.
Should this level pave the way, then bears will likely continue to pressure costs, pressing them to additional lows at the same time.
The Graph (GRT)
Another token to fall by over 10% on Thursday was GRT, which dropped for a 2nd straight session.
Despite going on a run of 4 sessions in the green, costs of GRT have actually dropped in the last 2 days, with today’s relocation taking rate near its flooring.
GRT/ USD struck an intraday low of $0.1414 today, which is over 10% lower than Wednesday’s peak of $0.164.
As an outcome these days’s decrease, costs are now nearing the assistance level of $0.1320, which hasn’t been struck considering that May 27.
This comes as the momentum of the moving averages continues to decrease, nevertheless this decrease has actually begun to slow, with the 10-day typical trending sideways.
Should it continue its existing trajectory, it will cross the down 25-day average, which might be a perfect setup for rate turnaround.