Biggest Movers: MATIC Drops by 10%, ATOM Hits 2-Week Low

February 13, 2023

Polygon fell by over 10% on Feb. 13, as a purple wave swept by means of cryptocurrency markets throughout Monday’s session. Volatility was excessive forward of Tuesday’s U.S. client value index launch, and with the depegging of BUSD. Cosmos additionally traded decrease to start out the week, hitting a 14-day low.

Polygon (MATIC)

Polygon (MATIC) dropped by as a lot as 10% to start out the week, as the worldwide cryptocurrency market cap plunged on Monday.

Following a excessive of $1.29 on Sunday, MATIC/USD slipped to an intraday low of $1.16 earlier immediately.

Today’s transfer noticed the token fall to its lowest stage since February 1, when MATIC was buying and selling at a backside of $1.06 .

As might be seen from the chart, Monday’s sell-off occurred because the 14-day relative energy index (RSI) fell beneath assist at 55.00

Currently, the index is monitoring at 53.53, which is its weakest studying since January 8, when polygon was valued at $0.79.

Should momentum proceed to say no, a ground at 50.00 may very well be the place MATIC bulls discover stability, as they start to organize for future rallies.

Cosmos (ATOM)

Cosmos (ATOM) was one other notable mover on Monday, because it additionally dropped to a multi-week low.

ATOM/USD fell to a ground of $12.85 earlier within the day, which comes lower than 24 hours after buying and selling at $13.94.

Monday’s drop in value sees ATOM commerce at its weakest level since January 30, when the token bottomed out at $12.78.

Looking on the chart, immediately’s transfer comes following two breakouts, first the $13.00 mark, then a transfer beneath a long-term ground on the RSI.

This aforementioned level of assist has been the 49.00 zone, which was damaged earlier immediately, with the index now monitoring at 46.32.

If momentum continues to maneuver downward over the subsequent few days, there’s a robust chance that ATOM may very well be heading to a decrease assist at $12.50.

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Could cosmos snap its current bear run, and rebound this week? Let us know your ideas within the feedback.