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 almost 10% to start the week. ATOM/USD hit an intraday high of $36.23, around $10 off its all-time high (ATH), which it reached on January 7.
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.
Examination of the chart below will also show that a downward crossover of the 10-EMA (red) and 25-EMA (blue) has occurred, which usually signals bearish momentum, but with the support level maintained, could this mean that prices could go higher?
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 slowing Monday’s selling as the end of the day approached, solana (SOL) prices remained lower.
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 above the floor price of $85.15 earlier in today’s session, but have since bounced back above that level.
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?
