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ATOM fell towards a three-week low on Thursday, as crypto markets were victim to yet another red wave. Overall, markets are down nearly 5% as of writing, with GRT dropping by almost 10% lower on the day.
Cosmos (ATOM)
ATOM dropped towards a three-week low during Thursday’s session, as global crypto markets were nearly 5% lower.
Following a peak of $10.46 on hump-day, ATOM/USD slipped to an intraday low of $9.23 earlier in today’s session.
This move sees ATOM back to its long-term support level of $9.30, which has mainly been holding firm since May 12.
However, with prices currently under a significant amount of descending pressure, this floor could be tested in upcoming days.
An early test will be how the 14-day RSI will react in the next few days, as price strength currently hovers marginally above a floor of 34.
Should this level give way, then bears will likely continue to pressure prices, pushing them to further lows in the process.
The Graph (GRT)
Another token to fall by over 10% on Thursday was GRT, which dropped for a second straight session.
Despite going on a run of four sessions in the green, prices of GRT have dropped in the last two days, with today’s move taking price close to its floor.
GRT/USD hit an intraday low of $0.1414 today, which is over 10% lower than Wednesday’s peak of $0.164.
As a result of today’s decline, prices are now nearing the support level of $0.1320, which hasn’t been hit since May 27.
This comes as the momentum of the moving averages continues to decline, however this decline has started to slow, with the 10-day average trending sideways.
Should it continue on its current trajectory, it will cross the downward 25-day average, which could be an ideal setup for price reversal.