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- 1 ATOM price trades in the bearish trajectory and looks bearish on the charts.
- 2 Buyers have lost their momentum and are struggling to rescue the gains.
The ATOM price persisted in eroding gains and is trading below the significant moving averages, displaying underperformance on the charts. The Cosmos crypto depicted bearishness on the daily charts and persisted in dragging gains. Following the crypto market’s negative sentiments, the ATOM price replicated a correction and eroded 35% of profits this month, reflecting seller dominance.
At press time, the Cosmos crypto (ATOM) price traded at $8.22 with an intraday drop of 0.80%, reflecting bearishness on the charts. It has a monthly return ratio of -28.10% and -34.20% yearly. The pair of ATOM/BTC is at 0.000030 BTC, and the market cap is $2.71 Billion. Analysts are neutral and suggest that the ATOM crypto may stretch the down move and will continue to underperform ahead.
ATOM Price Volume Profile Analysis on the Daily Chart
On the daily chart, the price-to-volume profile of the Cosmos crypto showcases bearishness in the last trading session. The price action signifies sharp selling momentum and displays a breakdown. Furthermore, the trend is negative, and buyers need help to regain momentum. Conversely, sellers have showcased their domination and persist in adding short positions. The intraday trading volume dropped over 11.21% to $112.86 Million.
Price Volatility and Weighted Sentiment Outlook
Following the price retracement, the Cosmos crypto displays a follow-on decline in the price and breakdown of the $9 mark. The price volatility curve noted a drop of over 29.20% to 0.0067. However, the weighted sentiment looks positive and stayed above the midline around 0.547.
Social Dominance and Social Volume AI Insights
Per the Santiment data, the social dominance data witnessed a decline of over 31.09% to 0.026%, signifying the negative sentiment among the investors. However, the social volume data noted a drop of over 5.89%, dragging to 9.
Development Activity and Total Open Interest Insights
The development data on the daily charts witnessed a significant decline and stayed close to the midline around 309, showing a neutral outlook. However, the derivative data signifies long unwinding. The open interest dropped over 13.89% to $64.2 Million, replicating fear among investors.
Per the Fib levels, the ATOM price is trading below the 23.6% zone and has retested its lower Bollinger Band zone. Similarly, the RSI curve stayed in the oversold region, and a negative crossover was noted on the charts. Additionally, the MACD indicator noted a bearish crossover and suggested a significant down move ahead.
The total supply of ATOM crypto is 329.10 Million, whereas the volume-to-market cap ratio is 0.0416, ranked 40 in market cap in the global crypto market.
Summary
The Cosmos crypto (ATOM) signifies selling pressure and displays lower low swings, directing bearishness on the charts. Moreover, the trend is negative, and the crypto will stretch the downmove and may retest the demand zone of $7.50 soon.
Technical Levels
Support Levels: $8.20 and $7.50
Resistance Levels: $9.30 and $10
Disclaimer
The views and opinions stated by the author or any other person in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
