Biggest Movers: MATIC Drops by 10%, ATOM Hits 2-Week Low
Polygon fell by over 10% on Feb. 13, as a red wave swept through cryptocurrency markets during Monday’s session. Volatility was high ahead of Tuesday’s U.S. consumer price index release, and with the depegging of BUSD. Cosmos also traded lower to start the week, hitting a 14-day low. Polygon (MATIC)
Polygon (MATIC) dropped by as much as 10% to start the week, as the global cryptocurrency market cap plunged on Monday.
Following a high of $1.29 on Sunday, MATIC/USD slipped to an intraday low of $1.16 earlier today.
Today’s move saw the token fall to its lowest level since February 1, when MATIC was trading at a bottom of $1.06 . MATIC/USD – Daily Chart
As can be seen from the chart, Monday’s sell-off occurred as the 14-day relative strength index (RSI) fell below support at 55.00
Currently, the index is tracking at 53.53, which is its weakest reading since January 8, when polygon was valued at $0.79.
Should momentum continue to decline, a floor 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 mover on Monday, as it also dropped to a multi-week low.
ATOM/USD fell to a floor of $12.85 earlier in the day, which comes less than 24 hours after trading at $13.94.
Monday’s drop in price sees ATOM trade at its weakest point since January 30, when the token bottomed out at $12.78. ATOM/USD – Daily Chart
Looking at the chart, today’s move comes following two breakouts, first the $13.00 mark, then a move below a long-term floor on the RSI.
This aforementioned point of support has been the 49.00 zone, which was broken earlier today, with the index now tracking at 46.32.
If momentum continues to move downward over the next few days, there is a strong likelihood that ATOM could be heading to a lower support at $12.50.
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Could cosmos snap its recent bear run, and rebound this week? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Bitcoin, Ethereum Technical Analysis: ETH Hits 1-Month Low, Falling Under $1,500 MARKET UPDATES | 10 hours ago Biggest Movers: SHIB, LTC Rebound From Recent Losses on Saturday MARKET UPDATES | 2 days ago
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