With cryptocurrency markets falling on Thursday, XMR and ATOM were two of the biggest movers during the day. Solana was also nearing a double-digit decline, as bulls seemingly sat out today’s session.
Monero (XMR) was undoubtedly the biggest bear during Thursday’s session, as the cryptocurrency fell to the #40 position in the top 100.
Following a high of $192.23 on Wednesday, XMR/USD fell to an intraday low of $167.29, which is 12% lower than yesterday’s peak.
Today’s drop saw monero fall marginally below its support point of $170 for the first time since Tuesday, with traders now expecting lower lows.
Looking at the chart, the $153 level could be a target for bears, should they continue to pressure markets into further declines.
However, should we see this floor re-captured, bulls have shown a tendency to re-enter at this point, so a rebound will likely be inevitable.
Cosmos (ATOM) was another notable mover during today’s session, as prices were unable to sustain Wednesday’s break out of resistance.
Following a high of $31.21 yesterday, which saw prices marginally move above resistance of $30.25, ATOM/USD has so far fallen to an intraday low of $27.58.
This drop in price has almost completely wiped out all of Wednesday’s gains, and now looks set to fall even further to support $26.25.
An obstacle that could prevent this from happening is the 14-day RSI, which currently is sitting at 47.25, a point that has acted as a floor since February 26.
Should this be broken, bears will likely flood the market, however, we could see a rebound if price strength marginally rises towards the 50 level.
Are there any other movers you think are worth noting today? Let us know your thoughts in the comments.