Biggest movers: MATIC down 10%, ATOM hits 2-week low
Polygon (MATIC) falls below 10 percent to start the week as the global cryptocurrency market fell on Monday. Also of course after hitting a high of $1.29 on Sunday, MATIC/USD slipped to an intraday low of $1.16 on the first level of the day today. When we look at today’s move, we see that the coin appears to be at its lowest level since February 1 when MATIC was trading at a low of $1.06. As we can see in the chart, selling was visible on Monday as the 14-day Relative Strength Index broke below support at 55.00. Currently this index definitely 53.53, which is its weakest level and its weakest reading since January 8, when Polygon was valued at $0.79. The street should continue to decline which could be a floor at ,50.00 where this token definitely gains bull stability as preparations are being started for future rallies.
If we talk about another coin Cosmos, it also appeared as a notable mover as it hit a multi-week low.
ATOM/USD dropped earlier in the day to a low of $12.85 which appears to us in less than 24 hours trading at $13.94. Following Monday’s price drop, the coin appears to be at its weakest point to trade since January 30 when the coin hit a low of $12.78. If we looking at the charts, we see that the move follows two breakouts, first to the $13.00 mark, then with a move below a long-term bottom on the RSI. This point of support has been the 49.00 area, which was broken earlier today, with the index now tracking at 46.32. If this momentum continues to increase in the coming days, there is a high possibility that ATOM may move towards the lower support at $12.50.