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- 1 Cosmos token was currently at $12.91 with a decrease of 0.11% during the intraday trading session.
- 2 The 24-hour low of ATOM was $12.52 and the 24-hour high of ATOM was $13.18.
- 3 The current Cosmos token price is above 100, and 200-Days EMA.
The pair of ATOM/BTC was currently trading at 0.0005578 BTC with a dip of 0.42% over the intraday trading session.
Cosmos’ price analysis suggests that it is currently in a bearish phase. 2022 for ATOM was not a good year because, from the start of the year, it was in steep decline and was until May 2022. Buyers tried and ATOM was recovering even reaching its secondary resistance of $16.447 but sellers took the ATOM in their hands and pushed back down forcing it to enter its demand zone. But after the start of 2023 token was constantly rising breaking its primary support and even reaching its primary resistance.
But after the formation of a bearish marubozu candlestick over the daily chart token showed a reversal and started its bearish phase. Bearish marubozu indicates that sellers are in control of the market. It suggests that sellers are trying to take back the market and push the token downwards. Currently token is trading near its primary support, if sellers force the token to break its primary support then the token may enter its demand zone. If this scenario happens then it will put the token in a critical position. This also signals long traders to close their trades.
The volume of the coin has decreased by 17.50% in the last 24 hours. The decrease in volume indicates that the number of sellers has increased. This shows that sellers are trying their best and there is a relationship between volume and the price of ATOM, which represents strength in the current downtrend.
The technical analysis of Cosmos:
RSI is decreasing in the oversold zone and has shown a negative crossover which indicates that the sellers are coming in the majority and pushing ATOM downwards. This suggests the strength of the current bearish trend. The current value of RSI is 44.29 which is below the average RSI value of 50.39.
The MACD and the signal line are decreasing and intersecting and also showing signs of a negative crossover, which also supports the RSI indicator. Investors need to watch every move over the charts during the day’s trading session.
Conclusion
Cosmos’ price analysis suggests that it is currently in a bearish trend. After somewhat recovering from the not-so-good 2022, after the start of 2023 even reaching the secondary resistance but with the formation of bearish marubozu sellers came back in the market and pushed down ATOM. The decrease in volume also shows the lack the negative sentiment in the market. RSI and MACD are decreasing and showing signs of negative crossover which only strengthen the current bearish trend, as per the technical indicators. Short traders can take advantage of the current market conditions,
Technical Levels
Resistance level- $15.432 and $16.447
Support level- $12.814 and $8.540
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
