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You are here: Home / Bitcoin News / Biggest Movers: Monero, Cosmos Slip on Thursday, as Crypto Economy’s Red Wave Returns

Biggest Movers: Monero, Cosmos Slip on Thursday, as Crypto Economy’s Red Wave Returns

10th March 2022 by admin

shutterstock 1285379686 Biggest Movers: Monero, Cosmos Slip on Thursday, as Crypto Economy’s Red Wave Returns

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)

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.

xmrusd 2022 03 10 17 06 55 78948 1024x565 Biggest Movers: Monero, Cosmos Slip on Thursday, as Crypto Economy’s Red Wave Returns
XMR/USD – Daily Chart

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)

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.

atomusd 2022 03 10 17 06 48 0a9f7 1024x565 Biggest Movers: Monero, Cosmos Slip on Thursday, as Crypto Economy’s Red Wave Returns
ATOM/USD – Daily Chart

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.

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Are there any other movers you think are worth noting today? Let us know your thoughts in the comments.

 Biggest Movers: Monero, Cosmos Slip on Thursday, as Crypto Economy’s Red Wave Returns
Eliman Dambell

Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Filed Under: Bitcoin News Tagged With: “Wave”, Biggest, Cosmos, Crypto, Economy’s, Monero, Movers, Returns, Slip, Thursday

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