Monday, March 27, 2023
    HomeMarketBears retaking control as ATOM breaches key support

    Bears retaking control as ATOM breaches key support


    • Cosmos in a correction after a day of consolidation.

    • Bearish volumes are nonetheless low.

    • Cosmos is closely reliant on total market tendencies.

    Cosmos (ATOM/USD) is popping bearish once more after buying and selling in a spread for the previous 24-hours. That is just about according to the broader market. Over the past 4-hours, Bitcoin has been shedding momentum at a key resistance degree, and Cosmos, like different altcoins, is following swimsuit.

    ATOM bulls shedding steam

    Cosmos is a cryptocurrency that powers an ecosystem of blockchains that may simply work together with one another. The aim is to create the world’s first Internet, made out of blockchain technology. It’ll do that by creating linked networks by means of which all method of information may be shared throughout decentralised programs with out reliance on third events like apps shops or search engines like google and yahoo.

    Cosmos use case is changing into clearer to traders, and the identical has mirrored in ATOM’s worth all by means of 2022. Whereas the cryptocurrency market began 2022 within the purple, ATOM is without doubt one of the higher performers of the key cryptocurrencies.

    That stated, previously week, Cosmos has taken a success as Bitcoin’s correction continues to weigh in on the broader cryptocurrency market. However with its fundamentals rock-solid, ATOM is without doubt one of the cryptocurrencies that maintain probably the most potential as soon as the bear run involves an finish.

    Cosmos worth prediction

    Supply: TradingView

    On the 1-hour chart, Cosmos is popping bearish. After buying and selling in a spread above the 50.0% Fibonacci assist at $34.68, bears have taken management. The rise in bearish sentiment has seen Cosmos breach the $34.68 assist, however volumes are nonetheless fairly low.

    If bearish sentiment will increase and ATOM assessments and pushes by means of the 38.2% Fibonacci assist at $32.93, ATOM may simply commerce under $30 within the brief time period.

    On the flip facet, if bulls handle to push Cosmos again by means of the 50.0% Fibonacci resistance at $34.68, and breaches the 61.8% Fibonacci resistance at $36.46, then ATOM may commerce above $40 in the middle of the week.

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