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ATOMapproached a one-year low on Wednesday amid a price drop of nearly 10%. This comes amid a DOT drop in today’s trading session: at the time of writing, the global cryptocurrency market is down more than 3%.
On Wednesday. ATOMwas one of the biggest contributors to the session, as it fell nearly 3% on hump day.
ATOMUSD/JPY fell to an intraday low of $10.47 in today’s stretch, after peaking at $11.73 on Tuesday.
This bottom means that prices have moved toward long-term support at $10.30, a level set last week after falling to multi-month lows.
At this point, the price is down 8.46% and the 14-day Relative Strength Index (RSI) is also down, trading almost below 30
The chart shows that the index is slightly above 30 after failing to overcome its own resistance level of 33.
As prices are close to hitting bottom, the automatic view is that the decline may be a correction of recent yearly lows.
DOT is still down more than 8% on Hump Day and has fallen in value two of the last three days.
After hitting an intraday high of $11.14 during Tuesday’s session, DOT/USD fell to a low of $9.78 earlier today.
Against this backdrop, DOT/USD has set a downside target of $8.40 and expects to fall further.
This support level was first set six days ago when prices fell below $7, leading to the lowest level since January 21.
This lower level has proven to be solid, but price strength is currently still oversold and the RSI is at 35.33.
This point is a bottom in itself, and as long as it remains firm, prices are unlikely to fall further over the next few days.
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