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Cardano fell to a multi-week low on March 2, as cryptocurrency prices were mostly lower in today’s session. Global market caps mostly declined on Thursday, and were trading 1.71% lower at the time of writing. Cosmos is also in the red, with price pulling back towards the floor.
Cardano (ADA)
Cardano (ADA) dropped to a multi-week low on Thursday, as the price collided with a key support point.
ADA/USD fell to an intraday low of $0.3501 in the session today, following Wednesday’s high of $0.3637.
As a result of the move, cardano is trading slightly above a low of $0.3500, which was its weakest point since February 13.
Looking at the charts, one of the catalysts for this move was the downward crossover between the 10-day (red) and 25-day (blue) moving averages.
In addition, the relative strength index (RSI) also failed to rise above the upper limit at 45.00.
At time of writing, the RSI is now tracking at 41.68, and appears to be heading for a floor at 40.00.
Cosmos (ATOM)
Apart from that, the cosmos (ATOM) has also fallen back into the red, as the price took its recent floor.
Following Wednesday’s high of $12.91, ATOM/USD dropped to a low of $12.26 early in the session.
The moves sent the token tumbling below the long-term $12.30 support, approaching a six-week low in the process.
Overall, the cosmos is down more than 10% in the last seven days, which is happening as the RSI continues to fall towards the 40.00 floor.
At time of writing, the index is tracking at 40.99, which is near its weakest point in two months.
If the price strength reaches its targeted lower bound, ATOM is likely to trade closer to the $12.00 mark.
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Could the cosmos fall below $12.00 this week? Let us know what you think in the comments.
Image Credits: Shutterstock, Pixabay, WikiCommons
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