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Avalanche fell to a two-week low on Tuesday, because the token broke out of a key assist level. Costs fell beneath 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 latest losses, falling by practically 3% on Feb. 28.
Avalanche (AVAX)
Avalanche (AVAX) slipped to a multi-week low on Tuesday, as costs moved beneath a key assist level.
Following a excessive of $18.62 to begin the week, AVAX/USD dropped to a backside of $17.39 earlier in at present’s session.
This transfer noticed avalanche hit its weakest stage since February 13, which is the final time costs have been underneath $17.00.
From the chart, it seems that one of many catalysts for the drop was a breakout on the relative power index (RSI).
Worth power dropped beneath a ground at 43.00, and as of writing, the RSI is monitoring on the 42.28 stage.
The following seen level of assist appears to be close to the 40.00 mark, and will this be hit, there’s a robust probability that AVAX will transfer beneath $17.00.
Polkadot (DOT)
Along with AVAX, polkadot (DOT) additionally prolonged latest 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.
On account of at present’s drop, DOT has now fallen for seven of the final eight periods, dropping by over 11% in that point.
Like with AVAX, at present’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 assist level at $6.30.
The ten-day (purple) shifting common is now firmly downward dealing with, which sums up the present momentum out there.
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