With bitcoin prices plummeting due to the legal tender fiasco in El Salvador, the altcoin market appears to have been hit hard. Monero, NEM and COSMOS crashed on their respective charts. XMR traded at its multi-week low after falling 16.2%. XEM was parked below its one-month support line of $ 0.184, while ATOM crashed 25.2% in the past 24 hours.
Monero’s price plunged 16.2% in the past 24 hours to trade at $ 252.59. That particular price point was the altcoin’s three-week low. Monero’s candlesticks stayed below the 4-hour SMA of 20-50-200, suggesting the momentum belongs to the sellers.
Other indicators remained extremely bearish. Moving further down, the coin may find support at $ 252.32, which the coin has not fallen below in over a month. Relative Strength Index threatened to plunge into the oversold area, the indicator was at a multi-month low.
Additionally, MACD showed tall red bars in his histogram while Great oscillator red flashing signal bars. If buying pressure resumes, XMR could attempt to plunge above the $ 281.74 resistance level. Other levels were at $ 305.62 and at the multi-month high of $ 332.
XEM crashed 20.2% in the past 24 hours, trading at $ 0.186. The coin recently fell below its $ 0.184 support line for nearly a month. With another bearish push, the altcoin is trading near the $ 0.159 price line. The token has not traded below the above support line in over a month.
MACD showed red bars in the histogram and Great oscillator red signal bars are also displayed. Relative Strength Index was in bearish territory after selling pressure eased slightly. All three indicators were at a multi-month lows.
If buying pressure returns to the market, the coin can plunge above the $ 0.208 price mark. Additional resistance levels were at $ 0.228 and then $ 0.249.
ATOM slumped a whopping 25.2% and was priced at $ 20.13. He reversed the gains he’d made over a week as it was at a week-long low. Another decline could cause it to be near $ 17.28, a price level it last hit three weeks ago.
If prices can’t be sustained above $ 17.28, ATOM would rise to its monthly low of $ 11.98. Relative Strength Index hit multi-month lows as the coin threatened to enter the oversold zone. MACD noticed red bars in the histogram.
Capital inflows also decreased as the Chaikin money flow was seen below the half-line. A price reversal could cause ATOM to hit its resistance level of $ 22.42 again and then try again to trade near its multi-month high of $ 26.90.