- The Bears are dragging the atom to their target value
- The current price of the ATOM is surfing around $11.39 with a loss of 7.53% during the intraday trading session
- The pair of ATOM/BTC is 0.0006763 BTC with a total drop of 2.37%
The bears are trying hard to drag the Cosmos price into their zone. The bull’s strategies are getting weaker, it seems the bears are dominating the market of ATOM. The downward trend could be a concern for investors and the bearish trend could make whales move. This could bring the bounce back of the price from the primary support. The bulls try to enter the trade but the bears have given a bite to dust.
Atom’s price is $11.39 with a loss of almost 7.53% during the intraday trading session. The price of the Atom/BTC pair is currently 0.0006763 BTC, with a drop of around 2.37% in the last 24 hours. The price of ATOM seems to move towards $11.10 is the primary support of $11.10, and it seems that the bears are aiming to manipulate the price of Atom over the daily price chart this could result in the price reaching the secondary support, which is around $9.70 if an upward trend develops. Additionally, if bullish domination may take over the market the price may follow the upward momentum and eventually hit the primary resistance of $12.36. If the upward trend persists, it may lead to a price moving upward, with a potential price target of $15.44 as secondary resistance.
The volume of the coin dropped around 47.61% during the intraday trading session. It indicates that the selling pressure over the coin is increasing and the buying is getting weaker. The investors have to get into action to make Atom regain its potential. Atom is behind the daily moving average of 20, 50, 100, and 200 days. The 20 days 50 day and the 100-day exponential moving average have collapsed earlier giving a negative cross
The technical indicator shows the following The previous intersection of the MACD and MACD signal indicates a negative cross. The relative strength index is in oversold territory. The RSI’s current value is 43.13 which is lower than its average RSI of 55.40. The Stoch RSI is now below the average Stoch RSI, placing it in the oversold region. The current Stoch RSI is 22.8 and the average Stoch RSI is 17.34 this indicates that the RSI could bounce back to the overbought zone.
Conclusion
The bears are trying hard to drag the Cosmos price into their zone. The bull’s strategies are getting weaker, it seems the bears are dominating the market of ATOM. Atom is behind the daily moving average of 20, 50, 100, and 200 days. The 20 days 50 day and the 100-day exponential moving average have collapsed earlier giving a negative cross. The RSI’s current value is 43.13 which is lower than its average RSI of 55.40. The Stoch RSI is now below the average Stoch RSI, placing it in the oversold region.
Technical Levels
Support Levels: $10.00 and $7.50
Resistance Levels: $12.50 and $13.00
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/11/12/cosmos-price-prediction-bearish-dominance-over-the-daily-price-chart-of-the-atom/