ATOM Faces Downside; Tamadoge Goes Bullish

ATOM is facing a downward trend; the dip is likely to worsen because of a recent decline in the crypto world.

Cosmos Prediction Statistics Data:

• Cosmos price now – $10
• Cosmos market cap – $3.0 billion
• Cosmos circulating supply – 286.3 billion
• Cosmos Coinmarketcap ranking – #26

ATOM/USD Market

Key Levels:

Resistance levels: $15, $16, $17

Support levels: $8, $7, $6

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ATOM/USD is trading on the negative side. The current pullback has been across the board, and Cosmos is taking a strong hit as well. Currently trading at $10.75, it is dropping below the 9-day and 21-day moving averages.

Cosmos Price May Head to the South as Tamadoge Faces Up

The Cosmos price is seen heading to the downside as the coin stays below the 9-day and 21-day moving averages. On the downside, a move towards the lower boundary of the channel may increase the short-term selling pressure as the next supports may come at a psychological $8, $7, and $6. Meanwhile, any bullish movement above the upper boundary of the channel may reach the next resistance levels at $15, $16, and $17.

On the positive side, the technical indicator could start a new bullish session if it crosses above the 50-level. It is, however, not clear how long the session will last because, this month, the bearish signals are more frequent than the bullish signals. Therefore, it is important to watch the support levels coupled with the movement of other indicators like the Relative Strength Index (14) and the Moving Averages (MA).

Compared with Bitcoin, the market price is hovering above the 9-day and 21-day moving averages trading at 5122 SAT. Looking at the daily chart, if the coin can make cross above the upper boundary of the channel, the bulls may end up dominating the market.

However, if the market drops below the moving averages, the next key support may come at 4000 SAT and below. On the bullish side, a possible rise could push the market above the upper boundary of the channel to hit the resistance level of 6000 SAT and above. According to the technical indicator Relative Strength Index (14), the market may create additional upside as the signal line heads to the north.

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