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.
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