Cosmos Price Prediction: Will ATOM Escape Declining Streak?

• Cosmos was currently at $10.73, which decreased by 4.92% during the intraday trading session.
• The 24-hour low of ATOM was $10.61 and the 24-hour high of ATOM was $11.38.
• The current Cosmos token price is below 20, 50, 100, and 200-Day EMA.

The pair of ATOM/BTC was trading at 0.0005152 BTC with a rise of 0.47% over the intraday trading session.

Cosmos price analysis suggests that it is currently in a downtrend. After the start of 2022, the token was in a steep decline as can be seen on the daily trading chart till June 2022. This indicates that the sellers have been dominating since the start of 2022 which caused the token value to fall below its secondary support and entered its demand zone or accumulation phase. Because of the seller’s heavy pressure in May 2022, the token made its new 52-week low. After that buyers pushed the token upwards even reaching its secondary resistance of $15.505. But after November 2022 sellers took back the market from buyers pushing the token below its primary support and kept it there till the end of the year.

After the start of 2023, the token again started moving upwards breaking its primary support and resistance. But after touching the secondary resistance the token sellers became active in the market pushing the token below its primary support.

Source: ATOM/USD by Tradingview

The volume of the coin has increased by 91.09% in the last 24 hours. The increase in volume indicates that the number of buyers has increased. This shows that buyers are trying their best and there is no relationship between volume and the price of ATOM, which represents a weakness in the current bearish phase and a possible reversal.

Cosmos Price Technical analysis:

Source: ATOM/USD by Tradingview

RSI is decreasing in the oversold zone and is showing a negative crossover which indicates that the sellers are coming in the majority and pushing ATOM downwards. This suggests the strength of the current bearish trend. The current value of RSI is 29.87 which is below the average RSI value of 39.65.

The MACD and the signal line are decreasing but not showing any definitive crossover over the daily chart which can support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.

Conclusion

Cosmos price analysis suggests that it is currently in a downtrend. After the start of 2022, the token was in a steep decline as can be seen on the daily trading chart till June 2022. After the start of 2023, the token again started moving upwards breaking its primary support and resistance. The increase in volume shows the positive market sentiment towards the token. After the start of 2023, the token again started moving upwards breaking its primary support and resistance which shows strength in the current bearish trend, as per the technical indicators.

Technical Levels-

Resistance level- $13.895 and $15.505

Support level- $11.436 and $8.299

Disclaimer-

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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