Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion
- ATOM was bearish on the 12-hour chart.
- Funding charges declined, however growth exercise improved barely.
Cosmos [ATOM] has depreciated by over 15%, clearing beneficial properties from the restoration in mid-March. ATOM dropped from $13.5 and was working on the $11 worth stage on the time of writing. A retest of an important assist stage might supply new shopping for alternatives at discounted costs.
Learn Cosmos [ATOM] Worth Prediction 2023-24
At press time, Bitcoin’s [BTC] worth was beneath $28K and will additional exert promoting strain on ATOM to retest this key assist stage.
The $10.58 assist – Can ATOM bulls prevail?
Supply: ATOM/USDT on TradingView
After going through worth rejection at $15.5 in January, ATOM has weathered promoting strain that has seen it drop to $10.58. Bulls efficiently recovered from the $10.58, however the second leg of the rally was interrupted by the impediment at $13.5.
ATOM’s retracement might set it to retest the $10.58 assist, and a rebound may very well be doubtless if the bulls defend it. A pullback retest on the assist might supply lengthy positions focusing on 50 EMA, 200 EMA, or $13.5.
A detailed above $13.5 might usher ATOM into the second leg of the rally with a goal of $15.5 if the bulls clear the $14.77 hurdle.
However, ATOM might depreciate additional to $9.57 if bulls fail to defend the $10.58 assist. As such, the downswing might supply short-sellers additional shorting alternatives at $9.57 if ATOM closes beneath $10.58.
The Relative Power Index (RSI) retreated from the higher ranges and fluctuated beneath the 50 mark, displaying shopping for strain declined. Equally, the Common Directional Index (ADX) dropped, suggesting a probable additional retracement or consolidation.
Funding fee was detrimental: growth exercise improved
Supply: Santiment
In response to Santiment, funding charges flashed purple at press time – a sign of bearish sentiment within the derivatives market. Furthermore, the weighted sentiment had dropped considerably however remained optimistic, which might give bulls little hope.
How a lot are 1,10,100 ATOMs value at the moment?
Improvement exercise has declined since mid-March however confirmed indicators of enchancment at press time. The pattern might bolster traders’ confidence and prop up ATOM’s worth in the long term. Buyers ought to observe BTC’s efficiency to make higher strikes.
