Polkadot fell for a second straight session on Tuesday as the token failed to break out of a key resistance level. The move saw the cryptocurrency drop almost 10%, with global market capitalization mostly in the red. Cronos, however, managed to rally despite this, hitting a nearly seven-week high in the process.
Peas (DOT)
Polkadot (DOT) was one of today’s notable tokens to fall as global crypto markets were mostly in the red.
DOT/USD fell for the second day in a row, dragging prices to a low of $7.70 earlier in Tuesday’s session.
The move comes less than two days after the token traded at a high of around $9.23, which was the highest level for DOT since June 10.
However, after this spike, bearish sentiment increased as traders moved to liquidate prior positions, securing gains in the process.
This coincided with the 14-day Relative Strength Index (RSI) tracking at the 65.33 point, which was not just a high, but its highest point since April 4.
Due to price overbought, the bears likely saw this as an opportunity to re-enter the market.
DOT/USD is trading at $8.04 at the time of writing.
Chronos (CRO)
As DOT moved lower on Tuesday, cronos (CRO) was in the green during today’s session, with price hovering near a seven-week high.
After bottoming out at $0.136 at the start of the week, CRO/USD hit an intraday high of $0.1521 earlier today.
The rally came as CRO prices broke free from a recent resistance point at $0.1415, following a string of recent gains.
Overall, the token is up nearly 30% in the past week, following a winning streak that started at a support point of $0.1150 on July 26.
Following this recent uptrend, price strength has now peaked with the RSI sitting at 67.94, which is in the overbought territory.
It is also the highest point the index has reached in the past four months and could potentially lead to a reversal in price, similar to the DOT.
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Do you expect the chronos to extend these recent gains this week? Let us know your thoughts in the comments.
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