Cosmos Price Prediction: Is the bull run over?
|- ATOM price experiences the strongest decline of the year
- Cosmos could be displaying early signs of a change in trend
- Invalidation of the bearish thesis could arise from a breach above $15.00
ATOM price shows bearish signals that are hard to ignore. A much deeper decline could be on the way if market conditions persist.
ATOM price showing a change of trend?
Cosmo price (ATOM) is witnessing the strongest decline of the year as the bears have induced a 7% decline on the day. The bearish influx comes at the top of a recently established Uptrend that began during the last week of December and recovered 80% of lost market value.
Cosmos price currently auctions at $13.93. The bears are foraging another test of the 21 Day simple moving average. On three separate occasions during the bull run, the indicator did Provide support. However, the recent dive has breached a higher swing low at .$14.01sign93. The breach could be early evidence that a change of trend is underway.
While the price descends, the relative strength index Is declining towards the Midway point, which should just bullish divergences between price. Nonetheless, attempting to catch a knife at the current time would be severely risky as The cosmos price appears to be in free falling selling frenzy.
If the 21-day SMA fails to hold support, a decline targeting liquidity levels as low as $10 could occur. The bearish scenario creates the potential for a 25% decline from the current Cosmos price.
ATOM/USDt 4-Hour Chart
Invalidation of the downtrend could occur from a breach of the recent swing high positioned at $15. In doing so, Cosmos would likely rally towards the psychological $20 level, resulting in a 46% increase in the current Cosmos price.
This video shows how Bitcoin price moves could affect ATOM price
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.