Biggest Movers: ATOM Falls Towards Multi-Week Low, as GRT Extends Recent Losses

June 2, 2022

ATOM fell in the direction of a three-week low on Thursday, as crypto markets have been sufferer to one more purple wave. Overall, markets are down practically 5% as of writing, with GRT dropping by nearly 10% decrease on the day.

Cosmos (ATOM)

ATOM dropped in the direction of a three-week low throughout Thursday’s session, as international crypto markets have been practically 5% decrease.

Following a peak of $10.46 on hump-day, ATOM/USD slipped to an intraday low of $9.23 earlier in right now’s session.

This transfer sees ATOM again to its long-term assist stage of $9.30, which has primarily been holding agency since May 12.

However, with costs presently below a major quantity of descending stress, this flooring could possibly be examined in upcoming days.

An early check might be how the 14-day RSI will react within the subsequent few days, as worth energy presently hovers marginally above a flooring of 34.

Should this stage give manner, then bears will possible proceed to stress costs, pushing them to additional lows within the course of.

The Graph (GRT)

Another token to fall by over 10% on Thursday was GRT, which dropped for a second straight session.

Despite occurring a run of 4 periods within the inexperienced, costs of GRT have dropped within the final two days, with right now’s transfer taking worth near its flooring.

GRT/USD hit an intraday low of $0.1414 right now, which is over 10% decrease than Wednesday’s peak of $0.164.

As a results of right now’s decline, costs are actually nearing the assist stage of $0.1320, which hasn’t been hit since May 27.

This comes because the momentum of the shifting averages continues to say no, nonetheless this decline has began to sluggish, with the 10-day common trending sideways.

Should it proceed on its present trajectory, it can cross the downward 25-day common, which could possibly be a perfect setup for worth reversal.

Will GRT hit its $0.1320 earlier than the top of this buying and selling week ? Let us know your ideas within the feedback.