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- ATOM crashed to a different year-low of $6.6.
- Destructive funding charges together with dipping Open Curiosity might result in additional losses.
Cosmos [ATOM] hit a brand new low of $6.6, as sellers prolonged their bearish dominance by breaking beneath the essential $7 assist stage. The $7 assist stage had rebuffed the bearish swing in June however the promoting strain in late August brought about the bullish protection of the extent to cave.
Learn Cosmos’ [ATOM] Worth Prediction 2023-24
Bulls overwhelmed by promoting strain
Supply: ATOM/USDT on Buying and selling View
The bearish momentum on ATOM’s value chart started in Q1 2023. The big dip from the $15 value stage was briefly resisted by bulls on the $10 assist stage. Nonetheless, the break of the earlier bullish run’s increased low in early June unleashed a large wave of promoting strain.
This sunk ATOM to a year-low of $7 earlier than a fast restoration. Regardless of the pullback, the bearishness persevered in Q3 and resulted in new lows for ATOM.
Whereas bulls regarded to rebound, the indications didn’t look favorable. The Relative Energy Index (RSI) remained across the oversold zone to focus on an absence of shopping for strain. Then again, the On Steadiness Quantity (OBV) registered respectable buying and selling quantity, though it additionally dipped barely in September.
A retest of the brand new resistance at $7 might see ATOM sink decrease towards $6 to $6.5. These value ranges additionally function a assist stage on the weekly timeframe. On the flip aspect, a bullish reversal will want consumers to scale the current hurdle at $7 earlier than embarking on an honest rally.
Declining Open Curiosity hinted at extra losses
Supply: Coinalyze
How a lot are 1,10,100 ATOMs price immediately?
The sharp drop of the Open Curiosity on the decrease timeframes hinted at extra losses for ATOM. Based on Coinalyze, the OI dropped by over $1 million, as costs continued to dip.
This pointed to an extension of the bearish momentum within the mid-term. Equally, the Funding Price remained in detrimental territory, as consumers continued to be worn out.
