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Avalanche fell to a two-week low on Tuesday, because the token broke out of a key help level. Costs fell under a ground at $17.50, which comes as the worldwide cryptocurrency market cap is down by 1.01% as of writing. Polkadot additionally prolonged its current losses, falling by practically 3% on Feb. 28.
Avalanche (AVAX)
Avalanche (AVAX) slipped to a multi-week low on Tuesday, as costs moved under a key help level.
Following a excessive of $18.62 to start out the week, AVAX/USD dropped to a backside of $17.39 earlier in at the moment’s session.
This transfer noticed avalanche hit its weakest degree since February 13, which is the final time costs had been underneath $17.00.
From the chart, it seems that one of many catalysts for the drop was a breakout on the relative energy index (RSI).
Value energy dropped under a ground at 43.00, and as of writing, the RSI is monitoring on the 42.28 degree.
The subsequent seen level of help appears to be close to the 40.00 mark, and may this be hit, there’s a sturdy probability that AVAX will transfer under $17.00.
Polkadot (DOT)
Along with AVAX, polkadot (DOT) additionally prolonged current losses, falling for a second straight session.
DOT/USD moved to a low of $6.43 on Tuesday, after beginning the week buying and selling at a excessive of $6.78.
Because of at the moment’s drop, DOT has now fallen for seven of the final eight classes, dropping by over 11% in that point.
Like with AVAX, at the moment’s sell-off got here because the RSI broke out of a ground — on this occasion the 48.00 zone.
As of writing, the index is hovering nearer to 47.00, with bears seemingly concentrating on a help level at $6.30.
The ten-day (pink) shifting common is now firmly downward dealing with, which sums up the present momentum out there.
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