Cosmos (ATOM) Price Flops 30% to New Yearly Low, Could Drop Further

2023-3-9 17:00

The Cosmos (ATOM) price failed to sustain its breakout, signaling that lower prices could follow soon.

ATOM is the native token of the Cosmos ecosystem, which aims to function as an internet of blockchains. The Cosmos (ATOM) price has decreased since reaching a high of $15.45 on Feb. 3. The decrease led to a low of $10.76 on March 9. 

More importantly, the Cosmos price failed to remain above the descending resistance line from which it previously broke out. This is considered a bearish sign since the breakout could not be sustained. Moreover, the ATOM token price fell below the 0.618 Fib retracement support level at $11.10. Finally, the daily RSI is decreasing and is below 50. 

All these signs suggest that the trend is bearish, and the downward movement will continue. In that case, the closest support area would be at $8.50.

Reclaiming the $11.10 support area and the previous resistance line would invalidate this bearish forecast. In that case, the ATOM coin price could increase to $15 again.

ATOM/USDT Daily Chart. Source: TradingView Cosmos (ATOM) Price Breakdown Shatters Bulls Hopes

The six-hour chart shows that the ATOM price broke down from both a descending parallel channel and an ascending support line (dashed). This puts a dent into bulls’ hopes for a reversal and supports the continuation of the downward movement. 

The only possibility of a reversal is if the drop is an A-B-C correction in which waves A:C have a 1:1.61 ratio. This would lead to a low of $10.33 before a reversal. However, both breakdowns make this unlikely. Moreover, while the six-hour RSI is oversold, there is no bullish divergence yet. 

Therefore, it seems unlikely that the ATOM price will bounce at $10.33. Rather, the continuation of the decrease toward $8.50 is more likely. 

ATOM/USDT Six-Hour Chart. Source: TradingView

To conclude, the most likely ATOM price forecast is a decrease toward $8.40. This bearish outline would be invalidated by a sharp bounce at $10.33 and an increase above $11. In that case, the Cosmos price could move to $15.

For BeInCrypto’s latest crypto market analysis, click here.

The post Cosmos (ATOM) Price Flops 30% to New Yearly Low, Could Drop Further appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru

$ 467.1 (+0.48%)
Объем 24H $0
Изменеия 24h: 0.85 %, 7d: 17.53 %
Cегодня L: $453.49 - H: $467.1
Капитализация $0 Rank 3676
Доступно / Всего 0 LINKETHPA

could cosmos atom price further drop low

Источник: beincrypto.com

could cosmos → Результатов: 76


Фото:

Cosmos (ATOM) could skyrocket to $100, according to traders

Cosmos (ATOM/USD) has had a very successful 2021, finally breaching the resistance at $7.5 in the early days of the year, and skyrocketing all the way up to $45 by late September. However, while this is still its all-time high at the time of writing — not to mention the fact that the coin was […] The post Cosmos (ATOM) could skyrocket to $100, according to traders appeared first on Invezz.

2021-12-5 17:01


Фото:

Cosmos (ATOM) has extended its correction from the record highs. Here are the important support and resistance levels

Cosmos (ATOM) has advanced from $7. 8 above $26 since the beginning of February, and the current price stands around $20. Fundamental analysis: The risk remains high Cosmos (ATOM) has extended its correction from the record levels registered in the third week of February, and technically looking, the price of this cryptocurrency could fall even more […] The post Cosmos (ATOM) has extended its correction from the record highs.

2021-3-18 00:01


дальше еще 27 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Adaptive IBC: Extending IBC to All Blockchains

The interchain is the internet of blockchains - an ever-expanding ecosystem of interconnected, blockchain-based apps and services. Powered by the Interchain Stack, the interchain boasts over 100 IBC-enabled chains.