Cosmos (ATOM) price has witnessed strong selling pressure. Its price has dropped to a multi-year low by losing 70% in the past 6 months. It has declined by forming lower lows and lower highs.
When writing, the ATOM price has dropped to the lower low territory and was generating a bullish momentum. At this point, profit booking for the short term can be anticipated, which may look like a bearish pullback.
Since April, the price has been struggling below the key moving averages, which indicated the sellers’ dominance. In August, buyers attempted to overcome the 20-day EMA, but sellers were strong enough and dragged down the price.
Cosmos crypto was trading at $3.92, which has increased by 3.18% in the past 24 hours. The market capitalization was $1.53 Billion, and the 24-hour trading volume was $107.19 Million.
Buyers Trying to Dominate Further?
Nilesh Rohilla (@nilesh_rohilla) has tweeted that the RSI has generated a bullish divergence. The bullish divergence might attract buyers, which may lead to a bullish momentum in ATOM Price.
After a bearish trend, the RSI has generated a bullish sign and the price is in the lower-low territory. RSI has triggered a golden crossover with the RSI-based moving average.
Is It an Opportunity to Buy ATOM Crypto?
Butch (@Oxthebutch) has tweeted that the Cosmos price has melted to the bottom. Since it’s an awesome chain with many users and developers, there may be a good buying opportunity. This may be a good investment for the long-term only because this analysis is based on the monthly chart.
According to this analysis, the ATOM price is expected to reach the $100 hurdle in 1-2 years. It may witness a gain of 26x in upcoming years.
Technical Analysis of ATOM Price Over 1-D Timeframe
As we can see, the ATOM crypto price has been falling in lower lows and lower highs format. The price was in the lower-low territory and forming green candlesticks. The RSI has generated a bullish signal, which could be a key factor.
If the buyers show confidence in the lower-low territory, short-term buying momentum can be seen. Assuming the trading volume supports this momentum, it may gain around 40% and may generate a new lower high.
From the buyers’ perspective, the price has grabbed the liquidity below the major support level and may display a bullish move. If the price manages to overcome the 200-day EMA level, a trend reversal might be possible.
Alternatively, if the buyers fail to take over the momentum, sellers are strong and may keep dominating further. Losing the $3.50 mark may attract sellers for a new all-time low.
ATOM Price Analysis
The ATOM price has remained bearish for the past few months and dropped to a multi-year low. It was trading below the key moving averages, which showcases the bearish trend. However, the RSI has generated a bullish divergence, which may attract buyers for a rebound.
The bullish trend in Cosmos price can be interrupted near the $6.30 and $9.00 mark. The price may take support at $3.50 and $2.40 levels.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
