Cosmos Climbs Higher, While Solana’s Fall Continues – Bitcoin Planet Market News

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After trading lower for most of Monday’s session, cryptocurrency prices were slowly starting to find support, with a few markets rising as we headed into 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 $31.00 support level, after briefly falling to a secondary support point of $27.05 over the weekend. This move, which now appears to have been a false breakout, led the bulls to drive 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?

ATOM/USD – Daily Chart

According to the RSI indicator, ATOM/USD is currently sitting at 50, which means that it is neither oversold nor overbought, which means that the price momentum could change one way or the other.

Solana

Despite slowing Monday’s selling as the end of the day approached, solana (SOL) prices remained lower.

SOL/USD, which is currently No. 8 in the top 10 cryptos, was trading down over 11% (at the time of writing), hitting an intraday low of $81.23 in the process.

The chart below shows Solana forming a descending triangle, following a series of lower lows, with today’s drop 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.

SOL/USD – Daily Chart

Currently the RSI sits at 23 which is in oversold territory, could this pave the way for the bulls to return on Tuesday?

Tags in this story Analysis, atom, cosmos (ATOM), Market Update, Markets, Price, SOL, Solana (SOL), TA, Technical Analysis, trading

What do you think of the price action of Cosmos and Solana? Let us know your thoughts in the comments below.

Eliman Dambell

Eliman brings a diverse perspective to market analysis, having worked as a brokerage manager, retail educator, and market commentator in crypto, stocks, and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

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