Biggest Movers: AVAX and ATOM Over 10% Lower on Thursday

Avalanche (AVAX)

AVAX was one of today’s biggest losers, as prices fell by over 10% on Thursday, pushing them to a two-week low.

Following a low of $23.72 during Wednesday’s session, AVAX/USD climbed to a peak of $28.54 earlier in the day.

Today’s drop saw AVAX hit its lowest point since May 12, and comes as its recent support point of $29.20 was broken.

Prices now seemed to have found a lower floor at the $24.10 level, which is not far off from a ten-month low of $22.30.

Looking at the chart, the Relative Strength Index ( RSI) is tracking below 30, after its ceiling of 32 was held earlier in the week.

This has resulted in an increase of bearish strength, and an extension of an almost six-week down cycle.

So far, the latest floor has held somewhat firm, and bulls will potentially look to use it to push prices back towards resistance at $28.

Cosmos ( ATOM)

ATOM also dropped by double digits on Thursday, as it too fell below its recent price floor during today’s session.

The floor of $10.00 was broken as prices of ATOM/USD fell to an intraday low of $9.37, which, like AVAX, is also a two-week low.

Thursday’s drop follows a high of $10.90 during yesterday’s session. However, following four consecutive sessions of declines, prices are now in single digits.

As can be seen from the chart, the 10-day moving average is no longer downward facing, which is a positive sign for those hoping for a rebound.

Typically, price uptick comes when we see an upward cross between the 10-day and 25-day moving averages, so with the 10-day beginning to move closer to the 25-day, this possibility is slightly higher.

Traders will now wait to see if ATOM can recapture the $10 level. If so, then we could likely see an influx of short-term minded bulls.

Will ATOM drop even further before any future rebound in price? Let us know your thoughts in the comments.