Friday , August 12 2022

Monero, Cosmos Slip on Thursday, as Crypto Economy’s Red Wave Returns – Market Updates Bitcoin News

With cryptocurrency markets falling on Thursday, XMR and ATOM were two of the biggest movers during the day. Solana was also nearing a double-digit decline, as bulls seemingly sat out today’s session.

Monero (XMR)

Monero (XMR) was undoubtedly the biggest bear during Thursday’s session, as the cryptocurrency fell to the #40 position in the top 100.

Following a high of $192.23 on Wednesday, XMR/USD fell to an intraday low of $167.29, which is 12% lower than yesterday’s peak.

Today’s drop saw monero fall marginally below its support point of $170 for the first time since Tuesday, with traders now expecting lower lows.

Biggest Movers: Monero, Cosmos Slip on Thursday, as Crypto Economy's Red Wave Returns
XMR/USD – Daily Chart

Looking at the chart, the $153 level could be a target for bears, should they continue to pressure markets into further declines.

However, should we see this floor re-captured, bulls have shown a tendency to re-enter at this point, so a rebound will likely be inevitable.

Cosmos (ATOM)

Cosmos (ATOM) was another notable mover during today’s session, as prices were unable to sustain Wednesday’s break out of resistance.

Following a high of $31.21 yesterday, which saw prices marginally move above resistance of $30.25, ATOM/USD has so far fallen to an intraday low of $27.58.

This drop in price has almost completely wiped out all of Wednesday’s gains, and now looks set to fall even further to support $26.25.

Biggest Movers: Monero, Cosmos Slip on Thursday, as Crypto Economy's Red Wave Returns
ATOM/USD – Daily Chart

An obstacle that could prevent this from happening is the 14-day RSI, which currently is sitting at 47.25, a point that has acted as a floor since February 26.

Should this be broken, bears will likely flood the market, however, we could see a rebound if price strength marginally rises towards the 50 level.

Are there any other movers you think are worth noting today? Let us know your thoughts in the comments.

eliman@bitcoin.com'
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.




Image Credits: Shutterstock, Pixabay, Wiki Commons

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