Technical Analysis: Cosmos Climbs Higher, While Solana’s Fall Continues

After trading little for the bulk of Monday’s session, cryptocurrency prices were dilatory starting to find support, with a fewer markets rallying, arsenic we headed toward the extremity of the day.

Cosmos

One specified crypto was cosmos (ATOM), which was the biggest gainer successful the apical 20, climbing by astir 10% to commencement the week. ATOM/USD climbed to an intraday precocious of $36.23, which is astir $10 from its all-time precocious (ATH), which it deed connected January 7th.

Monday’s determination came arsenic prices rebounded from the caller enactment level of $31.00, aft concisely falling to a secondary enactment constituent of $27.05 implicit the weekend. That move, which present appears to person been a mendacious breakout, has led to bulls pushing prices higher.

Looking astatine the illustration beneath volition besides amusement that a downwards transverse of the 10-EMA (red) and 25-EMA (blue) has taken place, which typically signals bearish momentum, nevertheless with the enactment level being held, could this mean prices could beryllium heading higher?

ATOM/USD – Daily Chart

According to the RSI indicator, ATOM/USD is presently tracking astatine 50, which means it is neither oversold, nor overbought, meaning that terms momentum could displacement either way.

Solana

Despite Monday’s selloff slowing arsenic the time approached a close, prices of solana (SOL) remained lower.

SOL/USD which is presently #8 successful the crypto apical 10, was trading implicit 11% little (as of writing), hitting an intraday debased of $81.23 successful the process.

The illustration beneath shows that Solana has formed a descending triangle, aft a streak of little lows, with today’s autumn sending prices to their lowest level since August 27th.

Prices concisely broke retired of the terms level of $85.15 earlier successful today’s session, nevertheless person since rebounded supra this level.

SOL/USD – Daily Chart

Currently, the RSI is tracking astatine 23, which is successful oversold territory, could this beryllium mounting the mode for bulls to re-enter connected Tuesday?

What bash you deliberation astir cosmos and solana’s terms action? Let america cognize your thoughts successful the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This nonfiction is for informational purposes only. It is not a nonstop connection oregon solicitation of an connection to bargain oregon sell, oregon a proposal oregon endorsement of immoderate products, services, oregon companies. Bitcoin.com does not supply investment, tax, legal, oregon accounting advice. Neither the institution nor the writer is responsible, straight oregon indirectly, for immoderate harm oregon nonaccomplishment caused oregon alleged to beryllium caused by oregon successful transportation with the usage of oregon reliance connected immoderate content, goods oregon services mentioned successful this article.