Monero, NEM, ATOM Price Movement Analysis for 8th September, 2021

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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 (XMR)

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.

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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.

 

NEM (XEM)

Monero, NEM and ATOM Price Analysis: 08 September

XEM/USD, TradingView

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.

Cosmos (ATOM)

Monero, NEM and ATOM Price Analysis: 08 September

ATOM/USD, TradingView

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.

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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.

 

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