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After trading lower for most of Monday’s session, cryptocurrency prices are slowly starting to find support, with some markets rebounding as we approach the end of the day.
universe
One such cryptocurrency is Universe (atoms), the top gainer in the top 20, is up nearly 10% to start the week. atom/USD climbed to an intraday high of $36.23, about $10 shy of the all-time high (ATH) set on Jan. 7.
Monday’s move came after prices bounced off the nearest support at $31.00 and briefly fell to secondary support at $27.05 over the weekend. This move now appears to be a false breakout, causing the bulls to push the price higher.
Looking at the chart below will also show that a downward crossover of the 10-EMA (red) and 25-EMA (blue) has taken place, which usually indicates bearish momentum, but with the support level held, does this mean the price is likely to move towards higher?
According to the RSI indicator, atom/USD is currently tracking at 50, which means it is neither oversold nor overbought, which means there could be any change in price momentum.
Solana
Although Monday’s sell-off slowed near the close, prices Sunshine (SUN) still lower.
SOL/USD, currently No. 8 in the cryptocurrency top 10, is trading down more than 11% (as of this writing), hitting an intraday low of $81.23 in the process.
The chart below shows Solana forming a descending triangle after a series of lows, with today’s decline taking the price to its lowest level since August 27.
Prices briefly breached the $85.15 price floor earlier today, but have since rebounded above that level.
Currently, the RSI is tracking at 23, in oversold territory, will this pave the way for the bulls to re-enter on Tuesday?
What do you think of the price action of cosmos and solana? Let us know your thoughts in the comments below.
Image Source: Shutterstock, Pixabay, Wiki Commons
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