- Cardano (ADA) dropped to a multi-week low on Thursday, colliding with a key support point.
- Cosmos (ATOM) also fell back into the red, retreating to a recent floor and trading near its weakest point in two months.
- The global market cap has mostly declined on Thursday, and is trading 1.71% lower as of writing.
Cardano (ADA) dropped to a multi-week low on Thursday, as prices collided with a key support point. ADA/USD plunged to an intraday low of $0.3501 in today’s session, following a high of $0.3637 on Wednesday. As a result of the move, cardano traded slightly above a floor at $0.3500, which is its weakest point since February 13. Looking at the chart, one of the catalysts for the move was a downward crossover between the 10-day (red), and 25-day (blue) moving averages. In addition to this, the relative strength index (RSI) also failed to climb above a ceiling at 45.00. At the time of writing, the RSI is now tracking at 41.68, and appears to be heading for a floor at 40.00.
Additionally, cosmos (ATOM) also fell back into the red, as prices retreated to a recent floor. Following a high of $12.91 on Wednesday, ATOM/USD dropped to a low of $12.26 earlier in today’s session. The move saw the token fall below a long-term support point of $12