Cosmos (ATOM) skilled a brief bullish momentum on Could 10, 2023. The asset noticed a rise of 10.89% taking its worth to a excessive of $11.2.
Nevertheless, the bears regained management of the market on Could 13 and despatched the coin to its present worth of $10.40, representing a lower of 1.12%. From the start of Could 2023 until date, ATOM has witnessed a worth decline of 11.2%, based mostly on its present worth.
Bears In Management of Comos (ATOM) Value
The ATOM/USDT each day chart means that the market sentiment for Cosmos (ATOM) is predominantly bearish. It additionally reveals a downward worth motion dominating and hindering any potential bullish momentum.
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The value of ATOM was influenced negatively by the latest chaotic legal battle with its former development and technique chief, Grace Yu.
The information raised detrimental sentiments amongst traders and market individuals towards Cosmos (ATOM). The Validators even urged Cosmos founder Kwon Jae to shut the case in opposition to Grace Yu. And this motion signifies a degree of concern throughout the Cosmos neighborhood.
Unfavorable sentiment in direction of an asset can affect investor habits, reducing demand for ATOM and doubtlessly contributing to downward strain on its worth.
An instance of that is that ATOM has been trending down since April 17, suggesting a bearish sentiment. The trendline now serves as a reference for figuring out potential resistance ranges because the asset has examined it severally.
Cosmos (ATOM) trades between $10.160 and $11.301 assist and resistance ranges. ATOM breaking by the $10.160 major assist degree will verify the bearish momentum. Afterward, the bears would possibly goal the subsequent assist degree at $8.441.
Nevertheless, the bulls try laborious to push the worth to the first resistance degree of $11.301 however couldn’t because of the excessive bearish momentum.
ATOM Technical Evaluation
ATOM is buying and selling beneath its 200-Day and 50-Day Easy Transferring Averages (SMA), suggesting a bearish market sentiment.
This degree signifies that ATOMs’ latest and long-term worth averages are declining, doubtlessly indicating a detrimental pattern and the next probability of additional downward worth motion.
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The Transferring Common Convergence/Divergence (MACD) confirms the bearish market sentiment because the asset trades the sign line. It means that the short-term transferring common strikes decrease than the longer-term transferring common, pointing towards downward momentum.
In the meantime, the Relative Power Index (RSI), with a studying of 43.29, suggests a impartial market sentiment.
The indicator reveals the worth is neither overbought nor oversold. For now, the ATOM worth outlook is bearish. However crypto belongings are unstable and will deviate from predicted worth traits with out warnings.
Featured picture from Pixabay and chart from Tradingview.com
