Avalanche fell to a two-week low on Tuesday as the token broke through a key support point. Prices fell below the $17.50 floor. This is attributed to a 1.01% decline in the size of the global cryptocurrency market at the time of writing. Polkadot also extended its recent losses, falling nearly 3% on February 28.
Avalanche (AVAX)
Avalanche (AVAX) fell to multi-week lows on Tuesday as prices fell below a key support point.
Following a high of $18.62 earlier in the week, AVAX/USD fell to a bottom of $17.39 earlier in today’s session.
With this move, the avalanche hit its weakest level since February 13, the last time prices were below $17.00.
From the chart, it appears that the breakout of the Relative Strength Index (RSI) was one of the triggers for the decline.
Price strength is below the 43.00 floor and at the time of writing, the RSI is tracking at the 42.28 level.
The next support point appears to be around 40.00 and if this is hit, AVAX will likely move below $17.00.
Polkadot (DOT)
In addition to AVAX, Polkadot (DOT) extended its recent losses, falling for the second consecutive session.
DOT/USD moved to a low of $6.43 on Tuesday after opening the week trading at a high of $6.78.
As a result of today’s decline, the DOT has now fallen in seven of the last eight sessions, down more than 11% in that time.
Like AVAX, today’s sell-off occurred when the RSI broke through the floor (in this case the 48.00 zone).
In this article, the index is hovering near 47.00 and the bears appear to be targeting the $6.30 support point.
The 10-day (red) moving average is now firmly to the downside, summing up the current market momentum.
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