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- 1 ATOM price delivered a selloff and has retested the 100-Day EMA mark.
- 2 Sellers are showing their dominance and are trying to push ATOM below the $10 mark.
The Cosmos (ATOM) price signifies weakness and is hovering around the 50-Day EMA mark witnessing selling pressure on the charts. Moreover, the coin is delivering fresh lower-high swings and may slip to the $10 mark. The price action revealed a massive bearish engulfing candlestick which led to a downmove of over 20% this week. Additionally, the technicals are signaling that investors need to be cautious and keep an eye on the $10 mark. Until the upside of $13 is not retained by the bulls, the coin will continue to retrace.
At press time, the Cosmos coin (ATOM) price was trading at $11.50 with an intraday drop of 2.21%, reflecting selling pressure on the charts. It has a monthly return ratio of 11.89% and 15.20% on a yearly basis. The pair of ATOM/BTC is at 0.000178 BTC, and the market cap is $3.78 Billion. Analysts are neutral and suggest the ATOM coin may continue to lose gains and may retest the $10 mark soon.
Cosmos Price To Volume Profile Reveals Weakness
The price chart of the Cosmos coin (ATOM) signifies the selling pressure and the coin has eroded over 20% of gains this week. Additionally, the technicals are suggesting a downside risk toward the $10 mark, per the lower low swing formation. The trading volume noted a decline over 16.73% to 1$90.62 Million.
The relative strength index (RSI) curve slipped to the oversold region and is indicating a negative divergence on the charts. Furthermore, the trend is negative and the coin will continue to erode gains over the next few sessions.
Price Volatility and Sentiment Remained Average
Following the price decline, the volatility is on the rise and is indicating the selloff in the past sessions. The trend is favoring the bears and is showcasing the selling pressure from the supply zone of the $14 mark. Additionally, the total weighted sentiment remained average and the value stayed above the midline near 0.632.
Social Dominance and Development Activity Overview
The data shows that, the social dominance data noted average movements and the value remained close to 0.503% signifying the neutrality. However, the development activity and the value dropped over 10% to 51.93. The development activity contributors count value dropped over 25% to 36.
Whales Activity and Open Interest Data Outlook
The derivative data shows long unwinding activity and witnessed fear among the investors. This week, the open interest dropped over 5.11% to $134.20 Million and the whales’ activity displayed stability and the value stayed near 52.491. However, the market cap noted a decline of over 10% to $3.78 Billion this month.
The total supply of the ATOM coin is 329.10 million and the volume to market cap ratio is 0.0504. Per the Fib retracement levels, the coin has dropped below the 38.2% zone and is heading toward the 23.6% zone.
Summary
The Cosmos (ATOM) coin price signifies an adverse trend and is hovering near the make or break region close to the 100-Day EMA mark. Moreover, the price action noted fresh lower low swings and is indicating a possible drop in the coming sessions.
Technical Levels
Support Levels: $11 and $10.60
Resistance Levels: $12.70 and $13
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
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.
