Technical Analysis: Cosmos Climbs Higher, While Solana"s Fall Continues
After trading lower for the majority of Monday’s session, cryptocurrency prices were slowly starting to find support, with a few markets rallying, as we headed toward the end of the day. Cosmos
One such crypto was cosmos (ATOM), which was the biggest gainer in the top 20, climbing by almost 10% to start the week. ATOM/USD climbed to an intraday high of $36.23, which is around $10 from its all-time high (ATH), which it hit on January 7th.
Monday’s move came as prices rebounded from the recent support level of $31.00, after briefly falling to a secondary support point of $27.05 over the weekend. That move, which now appears to have been a false breakout, has led to bulls pushing prices higher.
Looking at the chart below will also show that a downwards cross of the 10-EMA (red) and 25-EMA (blue) has taken place, which typically signals bearish momentum, however with the support level being held, could this mean prices could be heading higher? ATOM/USD – Daily Chart
According to the RSI indicator, ATOM/USD is currently tracking at 50, which means it is neither oversold, nor overbought, meaning that price momentum could shift either way. Solana
Despite Monday’s selloff slowing as the day approached a close, prices of solana (SOL) remained lower.
SOL/USD which is currently #8 in the crypto top 10, was trading over 11% lower (as of writing), hitting an intraday low of $81.23 in the process.
The chart below shows that Solana has formed a descending triangle, after a streak of lower lows, with today’s fall sending prices to their lowest level since August 27th.
Prices briefly broke out of the price floor of $85.15 earlier in today’s session, however have since rebounded above this level. SOL/USD – Daily Chart
Currently, the RSI is tracking at 23, which is in oversold territory, could this be setting the way for bulls to re-enter on Tuesday? Tags in this story Analysis, atom, cosmos (ATOM), Market Update, Markets, Prices, SOL, Solana (SOL), TA, Technical Analysis, trading
What do you think about cosmos and solana’s price action? Let us know your thoughts in the comments below. Eliman Dambell
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Top Meme Coins by Market Capitalization Shed Billions, DOGE Down 80% Since All-Time High MARKET UPDATES | 3 hours ago Low Volumes Across Crypto Spot Markets and Derivatives Indicate Bearish Conditions MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleTop Meme Coins by Market Capitalization Shed Billions, DOGE Down 80% Since All-Time High Next articleThe Winners of Metaverse Alliance 2021 Global Metathon Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. 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. Read disclaimerShow comments More Popular NewsIn Case You Missed ItMad Money"s Jim Cramer Warns About Dogecoin — Says DOGE Is a Security, SEC Will Regulate
The host of Mad Money, Jim Cramer, has warned about dogecoin (DOGE). He said that the meme cryptocurrency is a security and will be regulated. He also questioned the supply of dogecoin. Jim Cramer"s Dogecoin Warning Jim Cramer, the host ... read more.JPMorgan: Ethereum Losing Ground to Other Crypto in NFT Market Due to High Transaction Fees, Congestion These Are the Crypto Economy"s 10 Most Expensive Assets per Unit in 2022 NYC Mayor Eric Adams Converts First Paycheck to Bitcoin and Ether via Coinbase Bitcoin Price Slips Below $36K, BTC Dominance Increases, Billions Leave Crypto Economy