- The ATOM crypto price has dropped by 10% in just 2 days.
- The RSI has slipped below the RSI-based moving average showing negative sentiment.
The Cosmos (ATOM) price has been bullish since November and recorded a 52-week high of $14.58 on March 07, 2024. Since February, the price has risen by 34%, surpassing the last swing high of $12.
On March 07, the ATOM price tried to sustain the $14 mark, but it failed to do so. Yesterday, the price attempted again, but sellers were strong enough and dragged down the price by 13% in the last 24 hours.
Current Price – $12.45 Price Prediction – $10.80 (-13.60%)
Market cap – $4.85 billion Fear & Greed Index – 83 (Extreme Greed)
Volume – $586.79 million Green Days – 15/30 (50%)
Sentiment – Neutral RSI – 51.54
Volatility – 11.53% 200-day EMA – $10.07
According to our analysis, the Cosmos price is forecasted to drop 13.60% to reach $10.80 by March 20, 2024. The fear and greed index is 83 (extreme greed), and the volatility is 11.53%. The ATOM price has performed positively for 15 days in the last 30 days.
The current market price of ATOM is $12.45, which has melted by 8.87% in the last 24 hours. The market capitalization of Cosmos is $4.85 billion, which has increased by 79% in the previous 24 hours. The trading volume for the 24 hours is $586.79, and according to the trading volume, it ranks 48th in the cryptocurrency market.
Technical Analysis of Cosmos Price on Daily Timeframe
The ATOM price chart has displayed a sudden fall of approximately 10% in less than 24 hours. If the buyers show interest, this fall can be converted into a pullback, and buyers may dominate further.
If the Cosmos price slips below the $12 mark and sustains, investors may prefer to book profit, leading to bearish momentum. If the price fails to defend the 200-day exponential moving average, then the price may easily melt to the $8 mark in a few weeks.
On the other hand, if the ATOM price bounces back and surpasses the recent high, it will register a new 52-week high. Buyers may follow the trend if the price is over the $14 mark.
Cosmos Crypto Price Technical Analysis on 4-H Timeframe
Based on the technical chart, the ATOM crypto price has been rising due to support from the trendline. The price has dropped to the trendline, and buyers seem to participate according to the running candle.
The last few candlesticks are witnessing intense selling pressure and taking support on the 200-day moving average. Last time, the price took support on the 200-day EMA and rose by 30% in 30 hours.
Suppose the Cosmos price bounces back and rises over the 100-day exponential moving average, it may gain bullish momentum. Alternatively, if the price slips below the trendline, the sellers may drag it down to the $10 mark in a few weeks.
Conclusion
Based on the technical analysis, the Cosmos (ATOM) price faces resistance at the $14 mark and has experienced a sharp drop in the last 24 hours. The RSI has slipped below the RSI-based moving average, indicating negative sentiment. Our analysis predicts a 13.60% drop in the price to reach $10.80 by March 20, 2024. If the price fails to defend the 200-day exponential moving average, it may easily melt to the $8 mark in a few weeks.
Technical Levels
Resistance: $14.00 & $15.36
Support: $12.00 & $10.70
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.