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Biggest Movers: DOT Drops to 6-Week Low on Tuesday

Polkadot was one of Tuesday’s biggest movers, as the token dropped to a six-week low in today’s session. Prices fell for a long-term support point of $5.60, as the global crypto market cap was once again 1% lower today. Avalanche also hit a price floor on Tuesday.

Polkadot (DOT)

Polkadot (DOT) was down for a second straight session on Tuesday, as sentiment in cryptocurrency markets remained bearish.

DOT/USD dropped to a low of $5.61 earlier in the day, which comes less than 24 hours after trading at a high of $5.82.

As a result of the move, polkadot slipped to its weakest point since March 12, when price was trading at $5.47.

DOT/USD – Daily Chart

Today’s decline saw DOT near a floor at $5.60, with bulls so far rejecting a breakout below this point.

At the time of writing, the token is trading at $5.68, which comes as the relative strength index (RSI) jumped from a floor of its own.

The index rebounded from a floor at 36.00, and as of writing, is tracking at 37.52.

Avalanche (AVAX)

In addition to DOT, Avalanche (AVAX) was another notable mover on Tuesday, as the token fell to its own level of support.

Following a high of $17.06 to start the week, AVAX/USD sunk to a bottom at $16.53 earlier today.

Tuesday’s decline saw bears attempt to take avalanche to a long-term price floor at $16.30, however they were unsuccessful, thus far.

AVAX/USD – Daily Chart

Looking at the chart, and similar to what occurred with DOT, the breakout was rejected as the RSI remained above a floor of 41.00.

As of writing, price strength is tracking at 41.27, with a ceiling of 43.00 a possible target for bulls looking to extend the current rebound.

Should this occur, there is a chance that AVAX could reach $17.00

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Will avalanche climb above $17.00 this week? 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.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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