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Cosmos (ATOM) price analysis: The coin is trading well

Cosmos (ATOM) has started this week on a positive note and is trading very fairly. At the time of writing this article, Cosmos (ATOM) was trading at $1.93 against the United States dollar (USD). The market cap of the coin was $368,371,345 United States dollar (USD) and the 24 hours trading volume of the coin was $118,583,611 United States dollar (USD). Cosmos (ATOM) has fallen below the $2 mark against the United States dollar (USD) for the first time in this week

At present Cosmos (ATOM)  is nearly 70 percent down from its all-time price high and when we see its value overall it has fallen for about 40 percent since its inception. Looking at the technical indicators we can see that the MACD indicator diverge positively. One hour time frame is showing a bullish reversal pattern.

This bullish reversal pattern suggests that the coin can rise up to the $3 mark against the United States dollar (USD) and if it becomes more positive the coin can go as high as $5.5 mark against the United States dollar (USD). But the short term and the medium the for the coin is still not showing positive signs.

The sentiment in the market among the buyers and traders regarding the coin in the short term is quite bearish but the overall sentiment in the market for the coin can be said to be neutral.

One hour time frame is also showing a bullish inverted head and shoulders have started taking shape. The downside potential for the coin is suggesting that if the coin falls further below its current price then the coin will not be stable. Seeing the volatility prevailing in the Crypto market anything about the coin cannot be said with conformity. We need to wait a few more days to see where Cosmos is headed.

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About Ritika Sharma

Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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