Cosmos In A Downtrend Since Last 2 Months – Investors Shying Away From ATOM?
24 Oktober 2022 - 11:40AM
NEWSBTC
Cosmos (ATOM) started this year with a bang by attaining its
all-time high (ATH) on January 17 when it traded for $44.45. But
just like other cryptocurrencies, it failed to sustain that level
and was relentlessly pummeled by the volatile crypto market. Cosmos
has been down by 16.8% over the last month ATOM is forecasted to
fall below $7 a month from now Cosmos remains in extended bearish
momentum nine months after attaining its ATH Nine months later,
Cosmos lost more than 70% of its ATH and is currently trading at
$11.86 according to tracking from Coingecko at the time of this
writing. In just two weeks, the asset went down by 10.3%. On a
month to date basis, the 23rd largest cryptocurrency in terms of
market capitalization declined by almost 17%. It failed to break
free from its downward trend that has been going on since the
latter part of September. Technical Indicators Not Looking Rosy For
Cosmos Hopes for a bullish run for the asset this time might be met
with disappointment as its analysis points are leaning towards
extension of the current bearish momentum. Related Reading: Solana
(SOL) Could Recoup Losses In Last 7 Days – Here’s How Source:
TradingView While the Relative Strength Index (RSI) of Cosmos
stayed above 40, it is still below the 50 neutral score. While not
strongly, it will still pull the digital coin in a downward trend.
In September, ATOM’s On-Balance Volume (OBV) swayed between two
levels of resistance and support. In this case, a surge cannot be
ruled out but the same can also be said about a sharp price dump.
The crypto’s current price action is suggesting that over the next
few days sellers will dominate. As a result forecasts see Cosmos
declining even more in the days to come. According to prediction
from Coincodex, the next five days will see ATOM go down all the
way to $10.72. The situation doesn’t get better from there as the
30-day prediction hints a steep fall that will pull Cosmos to
$6.72. ATOMic Interest Already Fading? Cosmos had a good start for
October in terms of development activity, tallying strong numbers
from early to mid part of the month. But developers seem to have
stalled as activity metrics started to dwindle towards the end of
the month. Moreover, social dominance for the protocol remained
low, peaking at 0.72%. Even when Cosmos rallied in September, from
$11.7 to $16.7, it failed to surpass the current almost
insignificant value of its social dominance. By all indications, it
seems interest for the crypto asset is starting to fade. This is
seen to impact trading price severely, as ATOM will probably soon
hit $10.53 or worse, $9. Related Reading: AVAX Sheds 50% Over The
Last 60 Days – More Losses Ahead? ATOM total market cap at $3.3
billion on the daily chart | Featured image from Jeremy
Thomas/Unsplash, Chart: TradingView.com Disclaimer: The analysis
represents the author's personal views and should not be construed
as investment advice.
Mina (COIN:MINAUSD)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Mina (COIN:MINAUSD)
Historical Stock Chart
Von Apr 2023 bis Apr 2024