•ATOM/USD is currently priced at $9.36 and has decreased by 8.40% over the past day
•The trading volumes have increased by 2.03% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: Cosmos price analysis presents bearish flags
The Cosmos price today is $9.36 USD with a 24-hour trading volume of $254,964,778 USD. Cosmos is down 8.40% in the last 24 hours. The trading volumes have remained stable, with only a slight gain seen in the altcoin in the past day. The Volume to Market Cap Ratio stands at 0.09507 for the altcoin.
Cosmos‘ price is currently transacting below the 20,50 SMA on the four-hour chart which demonstrates the bearish sentiment aptly. The Cosmos bulls are currently at loggerheads with the bears as they look to defend the key support level placed at $9. Further pressure on the asset could lead to the Cosmos Price tumbling below the support level placed further down at $8. On the flip side, the resistance for the asset resides at $12 in the event of the bulls being successful in their efforts to push the price higher.
Long Term View for Cosmos
As a result of the selling pressure prevailing in Cosmos over the past few days, the RSI has trudged along and is currently transacting at 34.43. The green histograms have reduced in size as well in the daily MACD chart which adds to the gloomy outlook. Moreover, the MACD and signal lines are transacting in the negative zone which is a major boost for the bears.
Conclusion
The Cosmos price analysis presents a very real possibility of altcoin continuing its downtrend for the coming days. Hence the bulls will need to defend the support level with all their might in order to halt the downtrend.
Support: $9-$8
Resistance: $10.50-$12
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.