111 Interactions, 2 Today
The altcoin market appears to have been adversely impacted as Bitcoin’s prices took a major hit as a result of the legal tender issue in El Salvador. Monero, NEM, and COSMOS have all plummeted in their respective rankings. After a 16.2 percent drop, XMR was trading at a multi-week low. XEM was trading below its month-long support line of $0.184, while ATOM fell 25.2 percent in the last 24 hours.
Monero’s price plummeted 16.2% over the last 24 hours and was seen trading at $252.59 This particular price point was the three-week low for the altcoin. Monero’s candlesticks remained under the 4-hour 20-50-200 SMA, indicating that the momentum belonged with the sellers.
Other signs continued to be quite gloomy. If the coin continues to fall, it will find support at $252.32, a level it has not fallen below in over a month. The Relative Strength Index was at a multi-month low, threatening to enter oversold territory.
MACD’s histogram also showed towering red bars, whilst Awesome Oscillator flashed red signal bars.
If buying pressure returns, XMR may attempt to break through the $281.74 resistance level. Other levels were $305.62 and $332, a multi-month high.
XEM has dropped 20.2 percent in the last 24 hours and is now trading at $0.186. The coin recently fell below its nearly month-long support line of $0.184. If the bearish trend continues, the altcoin will trade near the $0.159 price level. In over a month, the token has not traded below the aforementioned support level.
MACD produced red signal bars on the histogram, as did Awesome Oscillator. After a minor decrease in selling pressure, the Relative Strength Index remained bearish. All three indices were at an all-time low.
If purchasing pressure returns to the market, the coin has the potential to rise beyond the $0.208 price level. Additional resistance lines stood at $0.228 and then at $0.249.
ATOM fell by a significant 25.2 percent and was valued at $20.13. It reversed a week’s worth of gains and was trading at a one-week low. If it continues to fall, it might end up around the $17.28 mark, which it last reached three weeks ago.
If ATOM is unable to hold prices above $17.28, it will fall to a monthly low of $11.98.
The Relative Strength Index fell to a multi-month low as the coin approached oversold territory. On the histogram, MACD noticed red bars.
Capital inflows fell as the Chaikin Money Flow fell below the half-line.
A price reversal could cause ATOM to retest its $22.42 resistance level before resuming trading near its multi-month high of $26.90.