- The ATOM crypto price has declined by 20% in a week.
- The Cosmos price is struggling between the 20-day and 100-day exponential moving averages.
According to the technical chart, the Cosmos (ATOM) crypto price has witnessed intense selling pressure from the $14 mark and declined by 23% in less than a week. The price is currently taking support on the trendline. The ATOM price has been in a bullish trend since February, but the trend has disturbed near the $14 mark.
The ATOM crypto price tried twice to sustain the $14 level, but sellers were strong enough, which led to a sharp bearish momentum. The price has slipped below the resistance level of $12, which indicates the sellers’ dominance.
When writing, the ATOM crypto price is trading at $10.78 with an intraday loss of 7.81%. The market capitalization is $4.21 billion, and the 24-hour trading volume is $325.19 million, which has increased by 52%. The circulating supply of Cosmos is 390,796,119 ATOM, and the total supply is 390,796,119 ATOM.
Turning to the technical indicators, the RSI is at 40, continuously declining from the overbought zone and heading for the oversold zone. The ATOM price has slipped below the 20-day exponential moving average, indicating selling pressure. Overall, the Cosmos price is favoring the bearish trend.
Cosmos Crypto Price vs Volume Analysis
Based on ATOM’s price and volume graph, since the beginning of February, the trading volume has increased from $100 million to $738 million till the first week of March. However, for the first week of March, the trading volume dropped from $738 million to $330 million, which led to a 23% decline in the price. Suppose the trading volume keeps draining, it may have a negative impact on the price.
Cosmos Price Technical Analysis Over 1-Day Timeframe
On a daily time frame, the ATOM crypto price has displayed a sharp selling momentum in a week and has declined by approximately 20%. The price has dropped to the 100-day exponential moving average, showing profit booking in the short term.
Currently, the Cosmos price is staying on the trendline, and sellers are dominating. If the price fails to defend the trendline and sustains below the 100-day exponential moving average, then sellers may hold the grip, which may lead to a bearish momentum for the long term.
Alternatively, if the price spends some time on the trendline and forms a bullish candlestick, the buyers may show interest. Suppose the ATOM price manages to surpass the 20-day EMA and sustains, a bullish trend for the short term can be expected.
Cosmos Price Prediction on a 4-H Timeframe
In a 4-H time frame, the Cosmos price has declined by forming lower lows and lower highs since March 14, 2024. It has slipped below the significant moving average, which showcases negative momentum.
According to the technical chart, the Cosmos price may trigger a pullback and decline further. If the sellers remain strong, then the price may melt to the $10 mark in the next few days.
At the level of $10, it will not be easy for the sellers to drag down the price because of the profit booking scenario. Suppose the buyers take over the charges, trend reversal can be expected.
Per technical analysts, the buying signal can be generated over the $14 mark. Below this mark, the sellers are strong, and any bullish spike below this level can be turned into a trap. So, we should avoid buying below the $14 mark.
Conclusion
The Cosmos price has been following positive momentum for the past few months, but in the short term, sellers are dominating. The price is unable to sustain the $14 mark and witnessed selling pressure for a week. Based on the technical analysts, the price may remain bearish below the $14 mark, and a buying signal can be generated at the resistance level of $14. Most of the technical indicators are favoring bearish momentum.
Technical Levels
- Resistance: $12.20 & $14.20
- Support: $10.75 & $9.75
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.