ATOM Price Analysis: Cosmos unsteady amid turbulent times

•ATOM/USD is currently priced at $14.28 and has decreased by 3.61% over the past day

•The trading volumes have decreased by 6.36% over the last day

The technical indicators suggest a bearish outlook for the near term

Short Term View: Bears drive down Cosmos price

The Cosmos price today is $14.28 USD with a 24-hour trading volume of $638,499,371 USD. Cosmos is down 3.61% in the last 24 hours. The trading volumes have remained stable over the past day, with only a slight reduction in the metric observed. The Volume to Market Cap Ratio stands at 0.1561.

The asset has witnessed a relatively smooth passage over the past week but the return of sellers in the market has coincided with the altcoin showing shoddy momentum in recent days. As a result, the Cosmos Price is transacting above 20 SMA but below 50 SMA on the four hour chart which shows indecisiveness amongst the investors at the current price levels. This reinstates the bearish sentiment prevailing in the market and a further continuation could lead to the prices falling all the way down to the support level placed at $14. In the event of a breakout, the resistance is placed at $15 on the other end of the spectrum. 

Long Term View for Cosmos Price

The technical indicators suggest a murky future for Cosmos as the bears have taken over. The RSI indicator had a strong showing over the past week but has tumbled down a few notches and is currently transacting at 52.16 amid an influx of sellers in the market. Cosmos has had a turbulent time over the past week as is demonstrated by the dark shade of the red histograms on the daily chart. The selling pressure shows no signs of slowing down as the MACD and signal lines are descending towards the negative territory rapidly. The buyers need to come in and save the day for the Cosmos bulls to make a fist of the situation at hand.

Conclusion 

Cosmos crypto finds itself in the middle of a downtrend which has led to significant price correction over the past few days. The bulls have their work cut out for them as the altcoin looks well on its way to plunge further. 

Support: $14-$12

Resistance: $15-$17

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas 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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