Cosmos (ATOM) skilled a brief bullish momentum on Could 10, 2023. The asset noticed a rise of 10.89% taking its worth to a excessive of $11.2.

Nevertheless, the bears regained management of the market on Could 13 and despatched the coin to its present worth of $10.40, representing a lower of 1.12%From the start of Could 2023 until date, ATOM has witnessed a worth decline of 11.2%, based mostly on its present worth.

Bears In Management of Comos (ATOM) Worth

The ATOM/USDT each day chart means that the market sentiment for Cosmos (ATOM) is predominantly bearish. It additionally reveals a downward worth motion dominating and hindering any potential bullish momentum.

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The worth of ATOM was influenced negatively by the latest chaotic authorized battle with its former progress and technique chief, Grace Yu. 

The information raised unfavorable sentiments amongst traders and market members towards Cosmos (ATOM). The Validators even urged Cosmos founder Kwon Jae to shut the case in opposition to Grace Yu. And this motion signifies a stage of concern inside the Cosmos group.

Destructive sentiment in the direction of an asset can affect investor habits, reducing demand for ATOM and doubtlessly contributing to downward stress on its worth.

An instance of that is that ATOM has been trending down since April 17, suggesting a bearish sentiment. The trendline now serves as a reference for figuring out potential resistance ranges because the asset has examined it severally.

Cosmos (ATOM) Bears Dominate As Bulls Struggle To Drive Price
ATOM worth reveals a decline on the chart l ATOMUSDT on Tradingview.com

Cosmos (ATOM) trades between $10.160 and $11.301 help and resistance ranges. ATOM breaking by way of the $10.160 main help stage will affirm the bearish momentum. Afterward, the bears would possibly goal the subsequent help stage at $8.441.

Nevertheless, the bulls are attempting onerous to push the value to the first resistance stage of $11.301 however couldn’t because of the excessive bearish momentum. 

ATOM Technical Evaluation

ATOM is buying and selling under its 200-Day and 50-Day Easy Shifting Averages (SMA), suggesting a bearish market sentiment. 

This stage signifies that ATOMs’ latest and long-term worth averages are declining, doubtlessly indicating a unfavorable development and the next chance of additional downward worth motion.

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The Shifting Common Convergence/Divergence (MACD) confirms the bearish market sentiment because the asset trades the sign line. It means that the short-term transferring common strikes decrease than the longer-term transferring common, pointing towards downward momentum.

In the meantime, the Relative Power Index (RSI), with a studying of 43.29, suggests a impartial market sentiment. 

The indicator reveals the value is neither overbought nor oversold. For now, the ATOM worth outlook is bearish. However crypto belongings are unstable and will deviate from predicted worth traits with out warnings.

Featured picture from Pixabay and chart from Tradingview.com

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