Home Altcoins News Cosmos Faces Price Correction Amid Market Volatility, But Bulls Remain Hopeful

Cosmos Faces Price Correction Amid Market Volatility, But Bulls Remain Hopeful

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Cosmos (ATOM), a prominent cryptocurrency, is currently experiencing a price correction amidst market volatility. The price of ATOM stands at $9.86, with a 24-hour trading volume of $119,071,968. Ranked at #24 on CoinMarketCap, Cosmos holds a market capitalization of $3,418,065,313. With a circulating supply of 346,608,690 ATOM coins, the cryptocurrency’s maximum supply is not available.

Analyzing Cosmos’ price movement, the recent price analysis for ATOM on July 15th reveals a retracement from its recent highs. During a bullish rally, ATOM reached a monthly high of $10.15 before briefly pulling back to $9.87. This level of resistance has prompted a minor pullback, and currently, ATOM is trading at $9.57.

In today’s analysis, Cosmos has corrected lower following a bullish rally observed in the past 48 hours. While many altcoins rallied higher due to Bitcoin’s bullish run, ATOM has faced challenges in keeping pace with its peers. The coin currently trades below the $9.87 resistance level, which may serve as strong support for further upside.

ATOM’s price has experienced a 1.43% decrease over the past 24 hours and a 2.7% decline over the past week. The Moving Average Convergence Divergence (MACD) indicator has signaled a bearish crossover, with the 12-day Exponential Moving Average (EMA) crossing below the 26-day EMA. This indicates a potential short-term downtrend and suggests the possibility of further downside for ATOM.

Examining the daily chart for ATOM/USD, the resistance at $9.87 remains a critical level for the cryptocurrency. This level presents an entry point for short traders looking to establish bearish positions. The Stochastic Relative Strength Index (RSI) indicator suggests a bullish divergence as it enters oversold territory and moves higher towards the 20 level. However, if ATOM fails to break above the $9.87 level, a further pullback towards the support level at $8.21 could occur.

The daily chart also reveals a bearish sentiment in the short term, as the 50-day Simple Moving Average (SMA) is below the 200-day SMA, indicating bearish momentum. Both moving averages are sloping downwards, further confirming the bearish sentiment for ATOM. Additionally, the RSI remains near overbought regions, suggesting the potential for a pullback in the near term. If ATOM continues to decline, it could find support near the $8.21 level.

On the 4-hour chart, ATOM/USD trades below the $9.87 resistance level, with the 50-period Exponential Moving Average (EMA) crossing below the 200-period EMA, indicating a short-term bearish trend. The downward slope of both moving averages reinforces the possibility of further downside for ATOM. However, a bullish divergence is observed as the 9-day EMA is slightly below the 21-day EMA, indicating renewed buying pressure.

The Relative Strength Index (RSI) indicator on the 4-hour chart is in neutral territory, having moved higher from oversold levels. This suggests that bulls may prepare for another attempt to break the $10.0 resistance level. However, if ATOM/USD fails to surpass this level, a further pullback towards the $8.21 support level may be anticipated.

In conclusion, Cosmos (ATOM) is currently experiencing a price correction amidst market volatility. Although a minor pullback has occurred, bullish sentiment remains intact. ATOM’s price analysis indicates potential opportunities for both bears and bulls, with resistance at $9.87 serving as a crucial level. Traders and investors should closely monitor the price movement and consider the dynamic nature of the cryptocurrency market when making informed decisions regarding Cosmos or any other digital asset.

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Julie J

Julie is a renowned crypto journalist with a passion for uncovering the latest trends in blockchain and cryptocurrency. With over a decade of experience, she has become a trusted voice in the industry, providing insightful analysis and in-depth reporting on groundbreaking developments. Julie's work has been featured in leading publications, solidifying her reputation as a leading expert in the field.

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