- The crypto market cap has dropped below the $1 trillion market this past week.
- ATOM, MATIC, DOT and SNX all saw their prices drop over the last 24 hours.
- All 4 altcoins have seen their respective daily 9 and 20 EMAs cross bearishly.
The crypto market cap has broken below the $1 trillion mark after the recent FTX debacle. Currently, the crypto market tracking website, CoinMarketCap, shows that the total crypto market cap is around $847.75 billion following a 2.82% drop over the last 24 hours.
Polygon (MATIC), Cosmos (ATOM), Polkadot(DOT) and Synthetix (SNX) have all seen their prices drop over the last 24 hours.
Polygon (MATIC)
MATIC’s price has dropped 11.46% over the last 24 hours, taking its price down to $0.9585 at press time. Compared to the two crypto market leaders, BTC and ETH, the altcoin has weakened against both by 8.20% and 10.06% respectively.
The price of MATIC is currently trading below the daily 20 EMA line. There has been a lot of volatility in MATIC’s price as it nosedived to $0.8152 before pumping back up above $1, only to drop back down to its current level again.
The daily chart for MATIC expresses mixed sentiment as the relative positions of the 9 and 20 EMA lines show some bullishness. However, the daily RSI line is positioned below the RSI SMA lines and is sloped towards oversold territory.
Cosmos (ATOM)
ATOM is trading at $10.99 at press time after an 8.54% drop in price over the last day. It has also weakened against BTC and ETH by 5.44% and 7.16% respectively.
ATOM’s price is trading below the daily 9 and 20 EMA lines after the two crossed bearishly this past week. This bearish cross in the two EMA lines was accompanied by a bearish RSI cross with the RSI SMA line.
Polkadot (DOT)
Following a 2.09% drop in price over the last 24 hours, DOT is trading at $5.71 at press time. The altcoin was however able to strengthen against BTC by 1.26% during this time period, but weakened against ETH by 0.87%.
Similar to ATOM, the price of DOT is trading below the daily 9 and 20 EMA lines after the two lines crossed bearishly this past week. Once again, the bearish cross of the daily 9 and 20 EMA lines was accompanied by a bearish RSI and RSI SMA cross.
Synthetix (SNX)
SNX is down 9.66% and is currently trading at $1.74 according to the crypto market tracking website. In addition, it has weakened against BTC and ETH by 6.49% and 8.41% respectively.
The daily chart for SNX price tells a similar tale to the other altcoins in this article as a bearish cross in the daily 9 and 20 EMA lines triggered a negative impulse to force the altcoin’s price to trade below the daily 9 and 20 EMA lines.
In addition, the daily MACD and MACD signal lines have flagged a bearish signal after the two lines crossed. The gradient of the daily MACD histogram for SNX has also sloped negatively over the last 5 days.
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