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Cosmos Price: Could ATOM Price Plummet Out of the Wedge?

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Cosmos Price: Could ATOM Price Plummet Out of the Wedge?
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ATOM is the native token or the functioning fuel of the Cosmos Network. People avail it for transactions, network fees, and stake to ensure the security of the network and gain rewards.

Cosmos Crypto Price Prediction Of 1-D Chart

Cosmos Price: Could ATOM Price Plummet Out of the Wedge?
Source: by TradingView

The ATOM price had been sliding from a weak high, sliping below on the charts, and facing constant resisting pressure. 

The ATOM crypto is set for a dismal plunge, as it fails to break the resistance level and sinks to new lows from the current support zoneAlso, it has demonstrated poor performance in the past week, and one month, by 8.655 and 18.16% respectively, indicating a reliable downward trend.

At the time of publishing, the ATOM price is at $9.283 trading with an intraday increase of 1.10%, and 24-hour trading volume 138.875 million.

However, the Cosmos crypto price could continue its downtrend and hit the nearest support level at $8. If Cosmos fails to maintain the current level, it could hit the bottom and demand zone as well.

On the other hand, if ATOM breaks above the nearest resistance, it might rise to recover levels. On the upside, Cosmo’s price could encounter resistance at $10 and more.

The crypto price is beneath the 20-Day, and 50-Day EMAs (exponential moving averages) that are resisting the ATOM crypto price trend. If this continues, a steep drop is likely reliant on the selling pressure, and the ATOM price could fall more and even hit the demand zone in the flow (where the order blocks are present).

The MACD line at 0.289 and the signal line at 0.213 are beneath the zero line and have crossed each other, which highlights bearishness. The histogram gap is widening in the MACD oscillator, which suggests that the price is going down.

The RSI value is 40.40 points and the 14-Day SMA is 45.70 points, which is below the middle line. It shows that the ATOM price is closing in the oversold zone soon, further suggesting that the crypto asset is losing strength and could reach new lows.

Cosmos Price: Could ATOM Price Plummet Out of the Wedge?
Source: by TradingView

Summary

The price chart of Cosmos has demonstrated poor performance in the past week, and one month, by 8.655 and 18.16% respectively, indicating a reliable downward trend. However, the Cosmos crypto price could continue its downtrend and hit the nearest support level at $8. If ATOM fails to sustain at the current level, it could hit the demand zone as well.

Technical Levels

Support Levels: $8

Resistance Levels: $10 

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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