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Amidst the recent turmoil caused by the FTX collapse, Binance CEO Changpeng Zhao likened the situation to the start of the 2008 financial crisis. This has naturally raised concerns about the stability of other crypto firms, including Cosmos (ATOM). The looming question now is whether this debacle will lead to the folding of other crypto entities in 2023, and how it might impact our Cosmos price prediction.
As of the latest update, Cosmos is trading at $8.91, with a 24-hour trading volume of $52,249,111. The cryptocurrency is experiencing a slight dip of 0.99% over the past 24 hours. At present, Cosmos holds the 25th rank on CoinMarketCap, with a live market cap of $3,087,438,415 USD. The circulating supply stands at 346,608,690 ATOM coins, while the maximum supply is not available.
Cosmos Price Analysis: ATOM Shows Signs of Recovery After Bearish Phase
Cosmos (ATOM) recently underwent a steep correction, bringing its prices up from multi-week lows. The current price trend is keeping ATOM around $9.0, after experiencing a strong push from its lows near $6.30. However, it is essential to note that the crypto asset is still struggling to surpass the crucial resistance at $9.0.
ATOM’s price action has displayed a series of lower highs and higher lows since it crossed the $9.00 mark in July, indicating indecisiveness among market participants. This overall bearish sentiment has persisted since then, and breaking convincingly above $9.0 is necessary for a significant uptrend to take place.
ATOM Technical Analysis on a Daily Chart: ATOM Corrects at $8.90
ATOM’s daily price chart exhibits steady progress since it broke out from the symmetrical triangle pattern near $6.30. Presently, the price is consolidating between $7.0 and $9.0, with recent attempts by bulls to push prices towards the higher end of this range.
For a sustained rally, bulls need to surpass the key resistance at $9.00. Conversely, a drop below the crucial support at $6.30 may lead to further losses in the short term. The MACD and RSI indicators are currently in negative territory, indicating that sellers currently have control of the market.
ATOM/USD Daily Chart: TradingView
ATOM is currently trading near the SMA 20 line, and a successful break above this level could propel the prices back to $9.0 in the near future. Moreover, if ATOM manages to break out of the bearish channel it is forming, further bullish momentum might be anticipated in the short term.
ATOM/USD 4-hour Chart Analysis: Bulls Attempting to Push ATOM Towards $9.0
ATOM’s 4-hour chart indicates that bulls are striving to raise prices after a prolonged bearish phase. Prices have managed to climb above the downward-sloping trendline, and continued momentum from buyers could keep this upward trend intact. If the price manages to break the $9.0 resistance, a short-term rally might be on the horizon.
ATOM/USD 4-hour Chart: TradingView
On the downside, a drop below $6.30 could lead to further losses as bears take control. The Moving Average Convergence Divergence (MACD) is gradually increasing, indicating that buyers are gaining momentum. However, a drop below the SMA 20 line could signal further bearishness in the near future.
What to Expect from Cosmos Price Analysis
As of July 28, Cosmos price analysis shows a 1.11% downtrend over the past 24 hours, with ATOM currently trading at $8.91. While bears seem to be exerting control, bulls are gradually gaining momentum in their attempt to push prices higher from multi-week lows near $6.30.
The critical resistance level for ATOM remains at $9.00, and a successful breakout from this range could lead to further upside for the cryptocurrency. On the other hand, if ATOM drops below $8.30, further losses are likely as sellers gain control of the market.
Cosmos Price Prediction by Cryptopolitan
The current Cosmos price prediction and technical analysis suggest a potential recovery as the entire cryptocurrency market bounces back from recent lows. The highest price forecast for 2023 stands at $13.33, with an average price of $11.72. The lowest predicted price for 2023 is expected to be $11.34.
Cosmos Price Prediction by Wallet Investor
Wallet Investor projects a gradual decline in Cosmos’ price over the next five years. According to their prediction, by the end of 2023, the average price of Cosmos may be around $0.794, signifying a significant decrease compared to its current value.
Cosmos Price Prediction by Coincodex
Coincodex offers a short-term bearish outlook for Cosmos price, estimating a decline of -0.42% with a value of $7.82 by June 15, 2023. The current sentiment is bearish, while the Fear & Greed Index shows neutral at 49. Coincodex recommends caution for potential buyers at this time.
Governments and investors alike continue to closely monitor the fluctuations in the cryptocurrency market. As the cryptocurrency landscape evolves, Cosmos (ATOM) remains a prominent player with potential for further growth and challenges ahead. With its robust technology and decentralized vision, Cosmos continues to attract attention from both seasoned investors and newcomers alike.
