Polkadot (DOT) and Avalanche (AVAX) experienced a significant drop in prices on Tuesday, with DOT hitting a six-week low of $5.61 and AVAX falling to a bottom of $16.53. The global crypto market cap was also down by 1% on the day. The decline in sentiment in cryptocurrency markets continued to be bearish, resulting in DOT slipping to its weakest point since March 12, when its price was trading at $5.47. However, bulls have so far rejected a breakout below the $5.60 floor, and DOT is currently trading at $5.68.
Looking at the daily chart, the relative strength index (RSI) rebounded from a floor of 36.00, tracking at 37.52 as of writing. Similarly, AVAX’s breakout was rejected as the RSI remained above a floor of 41.00, with price strength tracking at 41.27. The ceiling of 43.00 is a possible target for bulls looking to extend the current rebound. While bears attempted to take AVAX to a long-term price floor at $16.30, they were unsuccessful so far. The question remains whether AVAX will climb above $17.00 this week.
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