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- 1 ATOM price has shown bearishness and selling pressure for the past sessions.
- 2 Buyers are trying for a pullback and are willing to retain the strength.
Cosmos (ATOM) price persisted in dragging and losing the gains below the significant moving averages, showing bearishness on the charts. Moreover, the price action indicates seller control and follow-on selling will continue, and the price may revisit the swing of $6.00 in the following sessions. Furthermore, the ATOM price witnesses a breakdown of the rounding top pattern and shows a vertical decline for the past sessions. However, the bulls tried to retain the gains and were looking for a short-term bounce to retest the 50-day EMA mark near $7.50.
ATOM coin price slipped below the significant support of $7.00, trading in a downtrend. Moreover, the price persisted in forming lower lows and stayed below the neutral region, showing massive short-buildup activity in the past sessions. The upper trajectory is near $8.00, which needs to be surpassed to extend the momentum, whereas the lower trajectory is near $6.00, which, if breaks, leads to a free fall toward $5.00.
At press time, ATOM price is trading at $6.854 with an intraday gain of 2.57%, showing a pullback in the last session, indicating accumulation. Moreover, the trading volume has increased by 2.60% to $61.15 Million, and the pair of ATOM/BTC is at 0.000266 BTC. However, the market cap of ATOM coin is $2.28 Billion. Moreover, Analysts maintained a sell rating and indicated a negative outlook for the following sessions. ATOM persisted in giving negative returns, weekly by (-4.15%), monthly by (-20.43%), and yearly by (-26.71%), showing a downfall.
ATOM Price Action Shows Bearishness On Daily Charts
The ATOM coin price has persisted in declining and smashing multiple support for the past months. ATOM is hovering near the crucial support, and buyers are lingering to hold the range and attempting a pullback to retain the 20-day EMA.
As per the Fib levels, ATOM price is trading below the 38.2% Fib level and is below the mid-Bollinger band, showing a volatile chart structure. Moreover, the buyers stayed cautious, and sellers persisted in making short buildups. Furthermore, the open interest increased 32% at the strike price of $7.00, indicating seller control in the past sessions.
Technical Indicators Showing a Pullback
On the 4-hour charts, the ATOM coin price shows a pullback post breakdown, and buyers are trying to sustain at the support of $7.00. However, the battle is exciting now, and investors are watching the levels.
The RSI curve shows a rebound from the oversold region and tries to attain neutrality on the charts. Moreover, the positive crossover was noted, indicating a follow-up buying can be seen in the subsequent sessions.
The MACD indicator showed a bullish crossover, and green bars on the histogram indicate buyers’ accumulation on the charts.
Summary
Cosmos (ATOM) coin price shows bear dominance and indicates selling pressure for the past sessions. Moreover, the sellers persisted in making short buildups, looking to break the immediate support range of $6.80. However, the price is close to the demand zone and may rebound toward the swing of $8.00 in the upcoming sessions.
Technical Levels
Support Levels: $6.60 and $6.00
Resistance Levels: $7.50 and $8.00
Disclaimer
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