Greatest Movers: AVAX Hits 2-Week Low as DOT Extends Current Losses
February 28, 2023
Avalanche fell to a two-week low on Tuesday, because the token broke out of a key assist level. Costs fell under a ground at $17.50, which comes as the worldwide cryptocurrency market cap is down by 1.01% as of writing. Polkadot additionally prolonged its latest losses, falling by almost 3% on Feb. 28.
Avalanche (AVAX)
Avalanche (AVAX) slipped to a multi-week low on Tuesday, as costs moved under a key assist level.
Following a excessive of $18.62 to start out the week, AVAX/USD dropped to a backside of $17.39 earlier in in the present day’s session.
This transfer noticed avalanche hit its weakest stage since February 13, which is the final time costs have been below $17.00.
From the chart, it seems that one of many catalysts for the drop was a breakout on the relative power index (RSI).
Value power dropped under a ground at 43.00, and as of writing, the RSI is monitoring on the 42.28 stage.
The subsequent seen level of assist appears to be close to the 40.00 mark, and will this be hit, there’s a sturdy probability that AVAX will transfer under $17.00.
Polkadot (DOT)
Along with AVAX, polkadot (DOT) additionally prolonged latest losses, falling for a second straight session.
DOT/USD moved to a low of $6.43 on Tuesday, after beginning the week buying and selling at a excessive of $6.78.
On account of in the present day’s drop, DOT has now fallen for seven of the final eight periods, dropping by over 11% in that point.
Like with AVAX, in the present day’s sell-off got here because the RSI broke out of a ground — on this occasion the 48.00 zone.
As of writing, the index is hovering nearer to 47.00, with bears seemingly focusing on a assist level at $6.30.
The ten-day (crimson) shifting common is now firmly downward going through, which sums up the present momentum out there.
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