Biggest Movers: ATOM Falls on Friday, Hitting Key Support Level
Cosmos fell to a key price floor on Friday, as bearish sentiment returned to cryptocurrency markets. Volatility has been high most of the week, with today seeing the global market cap drop by 0.95% as of writing. Chainlink also slipped in today’s session.
Cosmos (ATOM) dropped to a key support point on Friday, as bearish sentiment returned to the market.
Following a high of $10.92 on Thursday, ATOM/USD slipped to an intraday bottom of $10.50 earlier in the day.
The drop in price saw the token collide with its long-term floor, with bulls opting to buy the dip from that point. At the time of writing, ATOM is trading at $10.61, which is still almost 3% lower than yesterday’s peak.
From the chart, it appears that the shift in momentum came after a failed breakout of a ceiling of 48.00 on the relative strength index (RSI).
The index is now tracking at 40.72, which is marginally above an upcoming floor at the 40.00 mark. Chainlink (LINK)
In addition to ATOM, chainlink (LINK) also fell on Friday, extending a recent decline in the process.
After a recent four-day bull run, LINK/USD edged lower in today’s session, dropping for a second straight day.
LINK/USD hit a bottom of $6.46 during the day, which comes after a high of $6.69 on Thursday. Looking at the chart, today’s slippage pushed LINK close to a support point of its own at $6.45.
The token has since rebounded, and is currently trading at the $6.51 level, which came as the RSI also hit a floor.
Price strength moved to the 40.00 zone earlier in the day, but has marginally risen as the day progressed.
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Will cryptocurrencies rebound this weekend? Let us know your thoughts in the comments.