ATOMfell toward its lowest in three weeks on Thursday as the crypto market fell victim to yet another red wave. Overall, the market was down nearly 5% at the time of writing, with GRT down nearly 10% on the day.
Cosmos (ATOM)
ATOMfell toward a three-week low during Thursday’s session, and the global crypto market fell about 5%.
After peaking at $10.46 on Hump Day,. atomatom/usd fell to an intraday low of $9.23 earlier in the session today.
The move hasATOMback to its long-term support level of $9.30, which has largely held firm since May 12.
However, price is currently under considerable downward pressure and this floor may be tested in the future.
With price strength currently hovering slightly above the 34 floor, the initial test will be how the 14-day RSI reacts over the next few days.
If this level is broken, the bears could continue to pressure prices, pushing them even lower in the process.
Graph (GRT)
Another token that fell more than 10% on Thursday was GRT, which fell for the second consecutive session.
GRT prices have fallen in the last two days despite a four-session green run, and today’s move has prices nearing their bottom.
GRT/USD hit an intraday low of $0.1414 today, which is more than 10% lower than Wednesday’s peak of $0.164.
As a result of today’s decline, price is approaching $0.1320, a support level not hit since May 27.
This decline is beginning to slow as the 10-day average is holding sideways while the moving averages are losing momentum.
A continuation of the current trajectory would take us above the descending 25-day average, which could be an ideal setup for a price reversal.
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