Cosmos ($ATOM ) Derivatives Activity Surges Amid #BEARISH📉 Trend
Cosmos (ATOM) Faces Bearish Pressure with Signs of Potential Recovery
- Cosmos (ATOM), currently ranked 44th, has dropped 3% intraday, bringing its market cap to $1.795 billion. Despite this bearish trend since Q2, ATOM remains a top 50 crypto asset.
Market Activity and Liquidity
- ATOM's spot volume inflow has risen 14%, indicating increased bearish interest. Liquidity is moderate at 6.35%.
Derivatives Activity
- Derivatives trading has increased, with open interest rising 3% to $70.96 million and trading volume up 6% to $112.90 million. This suggests growing bearish sentiment, supported by recent long liquidations totaling $678.99K.
Price Action and Outlook
- Since peaking at $14.505 in March 2024, ATOM has been in a downtrend, breaking from an ascending wedge pattern. The daily chart shows a forming falling wedge, which could be bullish if significant support holds. Key support levels are $4 and $3.5, with potential resistance at $6 and $8.
Technical Indicators
- The daily chart shows a bearish trend, though there are signs of potential recovery. The RSI has moved above the 14-SMA, but the MACD remains bearish, indicating that bears still control the market despite some recovery signals.
Source - thecoinrepublic.com
