• Polygon (MATIC) dropped by 10% and hit its lowest level since February 1.
• Cosmos (ATOM) also traded lower to start the week, hitting a 14-day low.
• Volatility was high ahead of Tuesday’s U.S. consumer price index release.
Biggest Movers: MATIC Drops by 10%, ATOM Hits 2-Week Low
Polygon (MATIC) dropped by as much as 10% to start the week, as the global cryptocurrency market cap plunged on Monday. Following a high of $1.29 on Sunday, MATIC/USD slipped to an intraday low of $1.16 earlier today. Today’s move saw the token fall to its lowest level since February 1, when MATIC was trading at a bottom of $1.06 .
As can be seen from the chart, Monday’s sell-off occurred as the 14-day relative strength index (RSI) fell below support at 55.00 Currently, the index is tracking at 53.53, which is its weakest reading since January 8, when polygon was valued at $0.79 . Should momentum continue to decline, a floor at 50.00 could be where MATIC bulls find stability, as they begin to prepare for future rallies .
Cosmos (ATOM) was another notable mover on Monday , as it also dropped to a multi-week low . ATOM/USD fell to a floor of $12 .85 earlier in the day , which comes less than 24 hours after trading at $13 .94 . Monday ’s drop in price sees ATOM trade at its weakest point since January 30 , when the token bottomed out at $12 .78 .
Looking at the chart , today’s move comes following two breakouts , firstly above the $13 .00 mark , then secondly breaking below long – term support on RSI The aforementioned point of support has been around 49 .00 zone which got broken earlier today , with RSI now tracking 46 .32 If momentum continues downward over next few days there could be strong likelihood that ATOM will head towards lower support around 12 .50
Volatility Ahead of Tuesday’s U.S CPI Release
Volatility was high ahead of Tuesday’s U.S consumer price index release due to depegging of BUSD and red wave sweeping through crypto markets during session on Monday
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