Biggest Movers: AVAX Hits 2-Week Low as DOT Extends Recent Losses

Biggest Movers: AVAX Hits 2-Week Low as DOT Extends Recent Losses

Time Stamp: February 28, 2023 11:30 AM
Source Node: 1984032

Avalanche fell to a two-week low on Tuesday, as the token broke out of a key support point. Prices fell below a floor at $17.50, which comes as the global cryptocurrency market cap is down by 1.01% as of writing. Polkadot also extended its recent losses, falling by nearly 3% on Feb. 28.

Avalanche (AVAX)

Avalanche (AVAX) slipped to a multi-week low on Tuesday, as prices moved below a key support point.

Following a high of $18.62 to start the week, AVAX/USD dropped to a bottom of $17.39 earlier in today’s session.

This move saw avalanche hit its weakest level since February 13, which is the last time prices were under $17.00.

Biggest Movers: AVAX Hits 2-Week Low as DOT Extends Recent Losses
AVAX/USD – Daily Chart

From the chart, it appears that one of the catalysts for the drop was a breakout on the relative strength index (RSI).

Price strength dropped below a floor at 43.00, and as of writing, the RSI is tracking at the 42.28 level.

The next visible point of support seems to be near the 40.00 mark, and should this be hit, there is a strong chance that AVAX will move below $17.00.

Polkadot (DOT)

In addition to AVAX, polkadot (DOT) also extended recent losses, falling for a second straight session.

DOT/USD moved to a low of $6.43 on Tuesday, after starting the week trading at a high of $6.78.

As a result of today’s drop, DOT has now fallen for seven of the last eight sessions, dropping by over 11% in that time.

Biggest Movers: AVAX Hits 2-Week Low as DOT Extends Recent Losses
DOT/USD – Daily Chart

Like with AVAX, today’s sell-off came as the RSI broke out of a floor — in this instance the 48.00 zone.

As of writing, the index is hovering closer to 47.00, with bears seemingly targeting a support point at $6.30.

The 10-day (red) moving average is now firmly downward facing, which sums up the current momentum in the market.

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Could polkadot hit $6.30 in the coming days? Let us know your thoughts in the comments.

Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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