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Cryptocurrency News Articles
Cosmos (ATOM) Retests 100-Day EMA as Selling Pressure Intensifies
Mar 23, 2024 at 04:36 am
Cosmos (ATOM) price has witnessed a selloff and retested the 100-Day EMA mark, indicating weakness. Sellers are attempting to push ATOM below $10, as the coin exhibits lower-high swings and faces selling pressure. Technicals suggest cautiousness, with the $10 mark being a crucial point. Until the $13 mark is not retained by bulls, ATOM may continue its retracement.
Cosmos (ATOM) Price Slumps, Retests 100-Day EMA Amidst Selling Pressure
The Cosmos (ATOM) token has succumbed to selling pressure, prompting a selloff that has retested its 100-Day Exponential Moving Average (EMA). Sellers are firmly in control, attempting to drive ATOM below the crucial $10 threshold.
Technical Indicators Point to Weakness
The Cosmos price action exhibits signs of weakness, hovering around its 50-Day EMA. The formation of a bearish engulfing candlestick pattern has triggered a significant downswing of over 20% this week. The Relative Strength Index (RSI) curve has dipped into oversold territory, indicating a negative divergence. The trend remains bearish, suggesting continued losses over the coming sessions.
Volume Profile Reveals Selling Pressure
The price chart of Cosmos reveals a significant decline in trading volume, with a drop of over 16.73% to $190.62 Million. This decline in volume suggests diminishing interest from buyers and increased dominance from sellers.
Volatility and Sentiment Analysis
Following the price decline, volatility has surged, signaling the intensity of the selloff. The trend favors bears, highlighting selling pressure at the $14 resistance level. Despite the market downturn, the total weighted sentiment remained average, with a value above the midline near 0.632.
Social Dominance and Development Activity
Social dominance data shows average movement, indicating neutrality, with a value of approximately 0.503%. However, development activity has declined by over 10% to 51.93, suggesting a potential slowdown in project development.
Derivative Data Indicates Bearish Sentiment
Derivative data reveals long unwinding activity and investor fear. The open interest has dropped by over 5.11% to $134.20 Million. Whales' activity remained stable, with a value near 52.491.
Fib Retracement Levels and Historical Performance
According to Fib retracement levels, ATOM has breached the 38.2% zone and is approaching the 23.6% zone. Historically, ATOM has experienced significant fluctuations, with previous highs above $44. The coin's current market capitalization stands at $3.78 Billion, a decline of over 10% this month.
Conclusion
The Cosmos (ATOM) price trend is bearish, with the coin hovering near a critical crossroads close to the 100-Day EMA. The technical indicators and price action suggest a further decline in the coming sessions.
Support and Resistance Levels
Support levels: $11, $10.60
Resistance levels: $12.70, $13
Disclaimer
The information provided herein represents the opinions of the author and does not constitute financial advice. Individuals should conduct their own research and consult with qualified professionals before making any investment decisions.
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