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Cosmos price analysis: Cryptocurrency value returns to $30.77 showing bearish inclination

www.cryptopolitan.com 22 November 2021 14:00, UTC
Reading time: ~3 m

  • Price has moved down to $30.767.
  • Cosmos price analysis favors bears.
  • Support is strong at $25.94 level.

The most recent Cosmos price analysis shows an increasing bearish tendency as the price has followed a descending movement in the last 24-hours. The price was on its way to recovery earlier this week, as more bullish activity was being preserved. But today, the bears have managed to create an impact on the market by bringing the price down to its former low i.e. $30.76.

ATOM/USD 1-day price chart: Price undergoes sudden drop at $30.76 edge

The one-day Cosmos price analysis is displaying favorable results for the sellers, as a slight drop in ATOM/USD market value is being detected. The bullish momentum was just gaining its stability as the bulls were trying to retain their lead. But the bullish trend is now being hit by an opposing attack by the bears, as the price has undergone a sudden decline by getting reduced to $30.767. The moving average (MA) value is still standing at $29.674.

The increase in volatility is suggesting that the approaching hours might bring a negative impact on the coin value. The upper and lower Bollinger bands have thus repositioned as well, as now the upper band is standing at $30.99 whereas the lower band is at $27.24. The RSI curve has ascended to 59.50 in the past few hours.

ATOM/USD technical indicators chart. Source: TradingView

The technical indicators chart is suggesting that the past few weeks have been crucial for the cryptocurrency’s progress. There is a selling indication as 10 indicators are on the selling position, nine indicators are on the neutral position and seven indicators are on the buying position.

The Moving Averages Indicator is hinting at a downtrend as well because of the increasing bearish pressure. A total number of eight indicators are standing on the selling mark, while six indicators are on the buying and one indicator is on the neutral mark. The Oscillators are giving a neutral signal as eight oscillators are present on the neutral position, two indicators are on the selling and one indicator is on the buying position.

Cosmos price analysis conclusion

The hourly and daily Cosmos price analysis is confirming a drop in coin value as the bears have brought it down to $30.77 again. The bearish trend is expected to get stronger in the next few days as the selling momentum is on the rise. The hourly prediction, however, is on the encouraging side as more buying activity has taken place in the past few hours.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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