Technical Analysis: Cosmos Climbs Higher, While Solana’s Fall Continues
After trading lower for the majority of Monday’s session, cryptocurrency prices were slowly starting to find support, with a few markets rallying, as we headed toward the end of the day.
One such crypto was cosmos (ATOM), which was the biggest gainer in the top 20, climbing by almost 10% to start the week. ATOM/USD climbed to an intraday high of $36.23, which is around $10 from its all-time high (ATH), which it hit on January 7th.
Monday’s move came as prices rebounded from the recent support level of $31.00, after briefly falling to a secondary support point of $27.05 over the weekend. That move, which now appears to have been a false breakout, has led to bulls pushing prices higher.
Looking at the chart below will also show that a downwards cross of the 10-EMA (red) and 25-EMA (blue) has taken place, which typically signals bearish momentum, however with the support level being held, could this mean prices could be heading higher?
According to the RSI indicator, ATOM/USD is currently tracking at 50, which means it is neither oversold, nor overbought, meaning that price momentum could shift either way.
Despite Monday’s selloff slowing as the day approached a close, prices of solana (SOL) remained lower.
SOL/USD which is currently #8 in the crypto top 10, was trading over 11% lower (as of writing), hitting an intraday low of $81.23 in the process.
The chart below shows that Solana has formed a descending triangle, after a streak of lower lows, with today’s fall sending prices to their lowest level since August 27th.
Prices briefly broke out of the price floor of $85.15 earlier in today’s session, however have since rebounded above this level.
Currently, the RSI is tracking at 23, which is in oversold territory, could this be setting the way for bulls to re-enter on Tuesday?
What do you think about cosmos and solana’s price action? Let us know your thoughts in the comments below.