1-Year Lows, as Polkadot Declines above 10%
On Wednesday, Cosmos prices fell by more than 11%, bringing them closer to a one-year low. This occurred as DOT fell throughout today's trading session, when global crypto markets fell by more than 3.1 percent at of writing.
Cosmos (ATOM)
ATOM was one of the most active stocks in the session on Wednesday, falling over 3.1 percent on hump-day.During today's stretch, ATOM/USDT fell to an intraday low of $9.99, following a high of $11.78 on Tuesday.
Prices moved approaching their long-term support level of $10.33, which was established last week after prices fell to multi-month lows.
Prices are down 8.5 percent as of this writing, with the 14-day Relative Strength Index (RSI) trading near 30.
The index is barely above 30 on the chart, having failed to break over its own resistance level of 34.
With prices so near to a floor, the natural assumption is that we're in for a decline, possibly recapturing previous one-year lows.
Polkadot (DOT)
DOT was also down on hump-day, with prices dropping by almost 9% and decreasing for two of the previous three days.
DOT/USDT fell to a low of $9.46 earlier today after reaching an intraday high of $11.16 during Tuesday's session.
Bears began to highlight potential target points as prices fell, with the $8.50 floor attracting attention from those expecting additional drops.
This support level was first formed six days ago, when prices went below $8, causing them to drop to their lowest level since January 21.
Despite the fact that this floor has proven to be stable, price strength is still oversold, with the RSI at 34.33.
