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- 1 Cosmos price prediction suggests prices are oversold and a pullback rally is possible.
- 2 ATOM price faced rejection from the 50-day EMA.
- 3 Cosmos crypto is trading near the yearly lows.
Cosmos price prediction is mildly bearish till it trades below the $8.00 level. However, the prices look oversold so a pullback rally is possible in the coming months.
ATOM price is trading below the 50-day and 200-day EMA. It showcases that the long-term trend is in a downward direction.
In the mid of July, Cosmos crypto price attempted to break out of the $10.00 hurdle. But due to the presence of sellers, the price gets rejected and reverted down. Slow and steady prices declined by forming lower lows and are eroding the previous gains.
Cosmos crypto witnessed a massive spike in the selling volume and price got negatively impacted. It indicates some genuine investors might have exited from the higher levels. However, the prices are near the crucial support and buyers are trying their best to rebound.
Cosmos Price is trading at $7.428 with an intraday decline of -1.56%. The 24-hour volume-to-market cap ratio is 3.53%. The pair of ATOM/BTC is trading at $0.0002833 with an intraday decline of -1.87%.
Will Cosmos Price recover from yearly lows?
Cosmos price prediction suggests a temporary pullback rally possible in the coming months. The recent downfall is due to the sell-off in the overall crypto market. So, if the BTC price recovers then it might positively impact the price of other Altcoins.
Till the ATOM price sustains above the $7.00 the probability of bounce back is high. However, the crypto prices will pick up momentum when buyers are able to break out of the $8.500 hurdle.
On the other hand, if the prices drop below $7.00 then more downside will open.
ATOM Price is Bearish on Multiple Time Frames
ATOM price fell for 7 consecutive weeks but still no signs of recovery are visible. It is bearish on daily, weekly, and monthly time frames.
The MACD curve slopes down and displays a negative crossover. It drops below the zero line and the histogram bar is red indicating sellers are more active.
The RSI at 30 slopes down denotes weakness but prices are near to the oversold territory. Due to this, the probability of short-term bounce is high.
Conclusion
Cosmos price prediction is bearish for the short term. But the prices are near to the demand zone so the downside risk is low. The technical analysis suggests that ATOM price is inside the bear grip so reaching $10.00 in the next month looks difficult.
Technical levels
- Resistance levels: $8.500 and $10.00
- Support levels: $7.00 and $6.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
