Biggest Movers: ADA, ATOM Rebound on Monday, as Bulls Buy Recent Dip
Cardano climbed higher to start the week, as bulls moved to buy the recent dip in price. The token dropped by over 30% over the weekend, as traders continued to react to the Robinhood delisting. Cosmos also rebounded, moving away from a one-year low.
Cardano (ADA)
Cardano (ADA) rebounded by nearly 5% to start the week, as traders moved to buy this weekend’s dip.
ADA/USD fell by over 30% in the past few days, dropping to a low of $0.2300 in the process.
However on Monday, the token rallied to an intraday peak of $0.2859, with bulls seemingly finding a stable floor at $0.2600.
This comes as the relative strength index (RSI) jumped back above the 20.00 region, and is now heading towards a ceiling at 31.00.
At the time of writing, the index is tracking at 24.99, which remains in oversold territory.
ADA is currently trading at $0.2815, down 24% from the same point last week.
Cosmos (ATOM)
Another notable token to climb higher on Monday was cosmos (ATOM), which also rebounded from recent losses.
Following a low of $8.21 on Sunday, ATOM/USD jumped to a high of $8.68 to start the new trading week.
The rally sees ATOM continue to move away from a one-year low at $7.31, which was hit on Saturday.
Similar to cardano, ATOM’s RSI reading remains below the 30.00 mark, which is a positive for longer-term bulls.
This shows that there is some potential upside in the market. However, volatility also remains high.
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Could cosmos move above $9.00 this week? Let us know your thoughts in the comments.
Source: Bitcoin.com
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