The Stock market dropped down on Tuesday, hitting a two-week low as the cryptocurrency market capitalization decreased by 1.01%. Avalanche and Polkadot were two of the token that saw losses, with AVAX dropping below a key support level and DOT extending its recent losses.
Avalanche (AVAX)
Avalanche (AVAX) experienced a significant decrease in its market price, reaching a multiweek low on Tuesday. After hitting a high of $18.62 in its first week, the AVAX/USD dropped to $17.39 in the current session.
This transfer triggered the token to reach its lowest point since February 13, falling below the $17.00 mark. The Relative Strength Index (RSI) was one of the catalysts for the downfall, as it broke below the 43.00 level.
At the time of writing, the RSI is at 42.28 degrees, with the current level of support seeming to be near the 40.00 mark. If that level isn’t reached, there is a high chance that AVAX will drop below $17.00.
Polkadot (DOT)
Polkadot (DOT) also saw losses for the second session in a row, dropping to $6.43 after it was trading as high as $6.78 in its first week.
Seven out of the eight major classes have seen a decline of at least 11% as a result of the drop in DOT. The Relative Strength Index (RSI) was another catalyst for the downfall, breaking below the 48.00 area.
