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Biggest Movers: ATOM Falls Towards Multi-Week Low, as GRT Extends Recent Losses – Market Updates Bitcoin News

Crptoz by Crptoz
June 2, 2022
in Bitcoin News
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ATOM fell to a three-week low on Thursday, as the crypto market fell victim to yet another red wave. Overall, the markets are down around 5% as of writing, with GRT down around 10% on the day.

universe (atom)

ATOM fell to a three-week low during Thursday’s session, as the global crypto market was down nearly 5%.

After peaking at $10.46 on the hump-day, ATOM/USD slipped to an intraday low of $9.23 earlier in today’s session.

The move sees ATOM moving back to its long-term support at $9.30, which has largely been stable since May 12.

ATOM/USD – Daily Chart

However, with the price currently under heavy downside pressure, this floor may be tested in the coming days.

An initial test will be how the 14-day RSI will react in the coming days, as price strength is currently slightly above the floor of 34.

Should this level give way, the bears are likely to continue to put pressure on prices, making them further lower in the process.

Graph (GRT)

Another coin that fell more than 10% on Thursday was GRT, which dropped for the second straight session.

Despite running four sessions in the green, GRT prices have declined over the past two days, with today’s move close to its destination.

GRT/USD hit an intraday low of $0.1414 today, down 10% from Wednesday’s peak of $0.164.

GRT/USD – Daily Chart

As a result of today’s decline, price is now near the $0.1320 support level, which has not been affected since May 27.

This comes when the momentum of the moving average continues to decline, although the decline is starting to slow, the 10-day average is trending sideways.

Should it continue on its current trajectory, it will cross the 25-day average on a downside, which could be an ideal setup for a price reversal.

Will GRT reach its $0.1320 before the end of this trading week? Let us know your thoughts in the comments.

alimon dumbbell

Having worked as a Brokerage Director, Retail Trading Educator and Market Commentator in Crypto, Stocks and FX, Elliman brings an eclectic approach to market analysis.

image credit: Shutterstock, Pixabay, WikiCommons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation or recommendation or endorsement of an offer to buy or sell 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 alleged to be caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.

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