Alexander Savenkov As the week kicks off, Cardano experiences a surge in value as market bulls seize the opportunity to purchase at the recent price drop. Over the past weekend, the token saw a decrease of more than 30%, triggered by ongoing reactions to the Robinhood delisting. Cosmos too experienced a surge, moving away from a 12-month low.
Cardano (ADA)
Monday saw Cardano (ADA) springing back by nearly 5%, as investors took advantage of the dip over the weekend.
In recent days, the ADA/USD experienced a more than 30% drop, hitting a low of $0.2300 along the way.
Nevertheless, Monday marked a resurgence for the token, reaching an intraday high of $0.2859, with bulls establishing a stable base at $0.2600.
ADA/USD – Daily Chart
This coincides with the relative strength index (RSI) bouncing back above the 20.00 range and now approaching a cap at 31.00.
As of this writing, the index is at 24.99, still within the oversold zone.
Currently, ADA is trading at $0.2815, which represents a 24% decrease from this time last week.
Cosmos (ATOM)
Also making gains on Monday was Cosmos (ATOM), rebounding from its recent dips.
After hitting a low of $8.21 on Sunday, ATOM/USD soared to $8.68 at the start of the new trading week.
This resurgence sees ATOM further distancing itself from a year-long low of $7.31, which it hit on Saturday.
ATOM/USD – Daily Chart
Much like Cardano, ATOM’s RSI remains under the 30.00 threshold, offering encouragement to longer-term bulls.
This suggests that the market holds some potential for growth. However, it should be noted that volatility is still high.
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Do you think Cosmos could surpass $9.00 this week? Share your thoughts in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Cryptocurrency Rebound
What caused the recent dip in price for Cardano and Cosmos?
The recent dip in price for Cardano and Cosmos was primarily caused by reactions to the delisting of Robinhood and market fluctuations in the cryptocurrency industry.
How did Cardano and Cosmos rebound on Monday?
Both Cardano and Cosmos experienced a rebound on Monday as investors took advantage of the price drop and bought the tokens, leading to a surge in their value.
What were the key price levels and indicators for Cardano and Cosmos?
For Cardano, the price dropped by over 30%, reaching a low of $0.2300 before rallying to an intraday peak of $0.2859. The relative strength index (RSI) for Cardano moved back above the 20.00 region, indicating a potential upward movement.
For Cosmos, the token hit a low of $8.21 before jumping to a high of $8.68. Similar to Cardano, the RSI for Cosmos remained below the 30.00 mark, suggesting potential upside for longer-term investors.
Is there any potential for further growth in Cardano and Cosmos?
Both Cardano and Cosmos show potential for further growth, as indicated by the rebound from their recent lows and the RSI readings. However, it’s important to note that the cryptocurrency market remains volatile, which could impact future price movements.
More about Cryptocurrency Rebound
- Cardano Official Website
- Cosmos Official Website
- Robinhood Delisting News
- Understanding Relative Strength Index (RSI)
- Cryptocurrency Market Analysis
1 comment
interesting to see the correlation between robinhood delisting and the dip in prices for cardano & cosmos. the crypto market can be volatile, but also full of opportunities!