Cosmos [ATOM]: Is the long-term bearish bias coming to an end?
Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.
- ATOM’s bearish momentum had the bears with the higher hand on the time of writing
- Nonetheless, ATOM may see a reversal as extra merchants held longer positions
ATOM’s bearish momentum from mid-March has seen the altcoin’s worth drop by over 20%. Regardless of a bullish rally in mid-April, the extraordinary promoting strain has seen ATOM crash to $10.51, as of press time.
Learn Cosmos’ [ATOM] Value Prediction 2023-24
Whereas Bitcoin [BTC] and the overall crypto market skilled delicate positive aspects previously few days, ATOM’s worth has remained round this key assist stage. What can merchants anticipate subsequent?
Bearish momentum stalls at key assist stage
Supply: ATOM/USDT on Buying and selling View
Bears have retained the higher hand in dictating ATOM’s worth motion over the previous three months. Nonetheless, ATOM’s current worth motion confirmed that bears have discovered the $10.56 worth zone very robust to crack. This worth zone heralded ATOM’s worth rally in January, reiterating the power of patrons at this assist stage.
Usually, the retests of a assist stage after the primary take a look at are weaker, however bulls have refused to surrender their maintain of the $10.56 assist stage. Value has hovered above and beneath this assist stage for the previous seven days to trace at waning promoting strain.
Whereas bulls haven’t been capable of set off a sustained reversal from this stage, on-chart indicators hinted at its potential. The On Steadiness Quantity (OBV) indicator maintained a slight uptrend which recommended demand was current for ATOM. Though the Relative Power Indicator (RSI) dipped beneath the impartial 50, it stood at 42 to additionally trace at a potential reversal.
The 12-hour chart confirmed {that a} important bullish candle shut above the $10.56 assist stage may rally ATOM towards the important thing resistance at $11.59. Alternatively, if bears efficiently flip the $10.56 assist stage to resistance, ATOM’s worth may attain the January low of $9.66.
How a lot are 1,10,100 ATOMs price in the present day?
Market sentiment barely favored bulls
Supply: Coinglass
The lengthy/brief ratio on the 12-hour timeframe revealed that market sentiment leaned barely in favor of a bullish rebound. Information from Coinglass confirmed that longs held a 51.07% benefit, as of press time.
Nonetheless, the fluctuating funding price confirmed market speculators have been adopting a watchful method towards ATOM. Merchants ought to train warning and look ahead to potential worth actions on the key assist stage earlier than getting into new positions.
Supply: Coinalyze
