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HomeLitecoinCosmos (ATOM) Experiencing A Downtrend Since Final 2 Months

Cosmos (ATOM) Experiencing A Downtrend Since Final 2 Months

Cosmos (ATOM) began this 12 months with a bang by attaining its all-time excessive (ATH) on January 17 when it traded for $44.45.

However similar to different cryptocurrencies, it did not maintain that stage and was relentlessly pummeled by the unstable crypto market.

  • Cosmos has been down by 16.8% during the last month
  • ATOM is forecasted to fall under $7 a month from now
  • Cosmos stays in prolonged bearish momentum 9 months after attaining its ATH

9 months later, Cosmos misplaced greater than 70% of its ATH and is at the moment buying and selling at $11.86 in line with monitoring from Coingecko on the time of this writing.

In simply two weeks, the asset went down by 10.3%. On a month so far foundation, the 23rd largest cryptocurrency when it comes to market capitalization declined by virtually 17%.

It failed to interrupt free from its downward development that has been happening because the latter a part of September.

Technical Indicators Not Wanting Rosy For Cosmos

Hopes for a bullish run for the asset this time could be met with disappointment as its evaluation factors are leaning in direction of extension of the present bearish momentum.

c1Supply: TradingView

Whereas the Relative Energy Index (RSI) of Cosmos stayed above 40, it’s nonetheless under the 50 impartial rating. Whereas not strongly, it’ll nonetheless pull the digital coin in a downward development.

In September, ATOM’s On-Steadiness Quantity (OBV) swayed between two ranges of resistance and help. On this case, a surge can’t be dominated out however the identical will also be stated a few sharp value dump.

The crypto’s present value motion is suggesting that over the subsequent few days sellers will dominate. Because of this forecasts see Cosmos declining much more within the days to come back.

Based on prediction from Coincodex, the subsequent 5 days will see ATOM go down all the way in which to $10.72.

The scenario doesn’t get higher from there because the 30-day prediction hints a steep fall that may pull Cosmos to $6.72.

ATOMic Curiosity Already Fading?

Cosmos had begin for October when it comes to improvement exercise, tallying robust numbers from early to mid a part of the month.

However builders appear to have stalled as exercise metrics began to dwindle in direction of the tip of the month. Furthermore, social dominance for the protocol remained low, peaking at 0.72%.

Even when Cosmos rallied in September, from $11.7 to $16.7, it did not surpass the present virtually insignificant worth of its social dominance.

By all indications, it appears curiosity for the crypto asset is beginning to fade. That is seen to influence buying and selling value severely, as ATOM will in all probability quickly hit $10.53 or worse, $9.

ATOM complete market cap at $3.3 billion on the each day chart | Featured picture from Jeremy Thomas/Unsplash, Chart: TradingView.com

Disclaimer: The evaluation represents the writer's private views and shouldn't be construed as funding recommendation.


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