Cosmos crypto price lost ground on Tuesday after the buyers failed to recover on Monday. The price dropped below the 20-Day EMA on Tuesday suggesting weakness over the charts in the near term.
Earlier, the ATOM crypto price was headed upwards forming higher lows. The 50-Day EMA acted as a dynamic support and kept the price pushing to the higher levels. However, the recent price drop has not invalidated the trend in the larger timeframes as the price is still hovering above the 50-Day EMA.
The price drop in the last couple of sessions is an early sign of correction. The bears are attempting to lower the price and if they succeed, ATOM may enter a correction phase.
If the buyers make a comeback and recover in the later sessions, ATOM crypto may resume its ascent. The closest hurdle for buyers on the higher side is $11 level. If the price breaks and sustains above this level, it may showcase another short-term bull run toward the higher supply level of $15.
Cosmos Price Volume Analysis
At the time of writing, the ATOM crypto was at $10.51, after losing nearly 2.38% in Intraday. It received $172.6 Million volume in the past 24 hours which is 21.80% higher than the previous day.
It has a live market capitalization of $4.06 Billion and ranked 24th in the overall crypto market. The volume to market capitalization ratio is 4.21% suggesting low volatility in the crypto.
Cosmos Price Indicator Analysis
Moreover, the technical indicators imply a mixed outlook in the short term. The price has broken below the 20-Day EMA suggesting weakness in the short term. However, ATOM crypto still hovers above the 50 and 200-Day EMAs suggesting a long-term bullish outlook.
At the time of writing, the RSI was placed at 53.5 points and that of the SMA line was at 60.58 points indicating a positive sentiment prevailing. Moreover, recently a bearish crossover of the RSI line and SMA line is visible on the charts suggesting a loss of momentum in buying.
Cosmos Price Prediction February 2024
The bearish outlook of the analysts shows that the price has a strong support of $10 on the lower side which if broken may unlock more potential on the lower side till $9 and $8 levels.
The positive view of the analysts expects more upside potential after breaking out of the $11 level, which may take the price to the higher levels of $12 and $13.
Cosmos Price Prediction 2024
The price forecast for the year 2024 highlights that the ATOM token price could reach a high of $17.30, suggesting a potential gain of over 64.36%. Moreover, the bearish outlook of the analysts hopes the price could reach $14.29 by the year-end.
Cosmos Price Prediction 2025
By 2025, Cosmos price may hit the $24.92 mark (high). On the flip side, the minimum price up to which the crypto price may rise by the year 2025 is $18.26.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
Source: https://www.thecoinrepublic.com/2024/02/20/cosmos-price-dips-below-20-day-ema-can-atom-crypto-bounce-back/