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Cardano fell to a multi-week low on March 2, as cryptocurrency prices were mostly lower in today’s session. The global market cap has mostly declined on Thursday, and is trading 1.71% lower as of writing. Cosmos was also in the red, with prices retreating to a key price floor.
Cardano ($ADA)
Cardano ($ADA) dropped to a multi-week low on Thursday, as prices collided with a key support point.
$ADA/USD plunged to an intraday low of $0.3501 in today’s session, following a high of $0.3637 on Wednesday.
As a result of the move, cardano traded slightly above a floor at $0.3500, which is its weakest point since February 13.
Looking at the chart, one of the catalysts for the move was a downward crossover between the 10-day (red), and 25-day (blue) moving averages.
In addition to this, the relative strength index (RSI) also failed to climb above a ceiling at 45.00.
At the time of writing, the RSI is now tracking at 41.68, and appears to be heading for a floor at 40.00.
Cosmos ($ATOM)
Additionally, cosmos ($ATOM) also fell back into the red, as prices retreated to a recent floor.
Following a high of $12.91 on Wednesday, $ATOM/USD dropped to a low of $12.26 earlier in today’s session.
The move saw the token fall below a long-term support point of $12.30, nearing a six-week low in the process.
Overall, cosmos is down by over 10% in the last seven days, which comes as the RSI continued to fall towards a floor at 40.00.
As of writing, the index is tracking at 40.99, which is near its weakest point in the last two months.
Should price strength hit its targeted floor, $ATOM will likely be trading close to the $12.00 mark.