- The price plummets below $10, making holders skip a beat.
- The trading volume fell by more than 40% in the last 24 hours.
- The chances of death cross are high.
Cosmos’ ATOM bombs are about to cause a blast as the price actions paint a spooky picture for the holders. Cosmos titled itself as the “hardest problem solver” project faced by the industry. But did it really live up to its name? As it currently is a quicksand situation, with no way out until any miracle happens. The market is empty as if it was a deserted land and prices fall as gravity has a greater effect on it than others.
The monoscope
The ATOM price is consistently forming a downtrend along with marking lower highs. This wasn’t enough to paint a gloomy scene, so price showed EMAs forming a chance of a death cross in the near term. This can amplify the harm caused by the FTX crash. The target range of price falls could be around $7.
The CMF indicator indicates a fall to the zone below zero, indicating the downtrend, and every nearing fall is a step closer to the bear rule. The MACD indicator records depleting buyer histograms with lines intersecting, reflecting the end of the buyer regime. The RSI indicator moves sideways in the ranges below the half line, showing an unceasing seller-driven market.
The microscope
The price action in the closer time frame is seen continuing in the downtrend floating near the support. The CMF deep dive to the zone beneath the zero mark with a higher swing showing the strong push. The RSI indicator too drops to the lower ranges near the floor mark, indicating strong seller influence. The MACD indicator diverges for the seller mates in the market arrangement.
Conclusion
The ATOM is about to sink deep and take the holders along. The price trend has shown no change for the past few months and now it is expected to fall further. Despite being highly potential, the project is falling apart piece by piece.
Technical levels
Support levels: $8.90 and $7.70
Resistance levels: $12.20 and $13.40
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/12/cosmos-may-cause-an-atomic-blast-holders-fear-the-aftermath/