February 9, 2023

Cosmos (ATOM) began this 12 months with a bang by attaining its all-time excessive (ATH) on January 17 when it traded for $44.45.

However identical to different cryptocurrencies, it didn’t maintain that degree and was relentlessly pummeled by the risky crypto market.

  • Cosmos has been down by 16.8% during the last month
  • ATOM is forecasted to fall under $7 a month from now
  • Cosmos stays in prolonged bearish momentum 9 months after attaining its ATH

9 months later, Cosmos misplaced greater than 70% of its ATH and is presently buying and selling at $11.86 based on monitoring from Coingecko on the time of this writing.

In simply two weeks, the asset went down by 10.3%. On a month up to now foundation, the 23rd largest cryptocurrency by way of market capitalization declined by nearly 17%.

It failed to interrupt free from its downward pattern that has been occurring for the reason that latter a part of September.

Technical Indicators Not Wanting Rosy For Cosmos

Hopes for a bullish run for the asset this time is likely to be met with disappointment as its evaluation factors are leaning in direction of extension of the present bearish momentum.

Supply: TradingView

Whereas the Relative Power Index (RSI) of Cosmos stayed above 40, it’s nonetheless under the 50 impartial rating. Whereas not strongly, it would nonetheless pull the digital coin in a downward pattern.

In September, ATOM’s On-Stability Quantity (OBV) swayed between two ranges of resistance and assist. On this case, a surge can’t be dominated out however the identical may also be mentioned a few sharp value dump.

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The crypto’s present value motion is suggesting that over the following few days sellers will dominate. In consequence forecasts see Cosmos declining much more within the days to come back.

In accordance with prediction from Coincodex, the following 5 days will see ATOM go down all the best way to $10.72.

The scenario doesn’t get higher from there because the 30-day prediction hints a steep fall that may pull Cosmos to $6.72.

ATOMic Curiosity Already Fading?

Cosmos had a great begin for October by way of growth exercise, tallying robust numbers from early to mid a part of the month.

However builders appear to have stalled as exercise metrics began to dwindle in direction of the top of the month. Furthermore, social dominance for the protocol remained low, peaking at 0.72%.

Even when Cosmos rallied in September, from $11.7 to $16.7, it didn’t surpass the present nearly insignificant worth of its social dominance.

By all indications, it appears curiosity for the crypto asset is beginning to fade. That is seen to influence buying and selling value severely, as ATOM will in all probability quickly hit $10.53 or worse, $9.

ATOM whole market cap at $3.3 billion on the each day chart | Featured picture from Jeremy Thomas/Unsplash, Chart: TradingView.com

Disclaimer: The evaluation represents the creator's private views and shouldn't be construed as funding recommendation.