bullish

Cosmos

Coin

ATOM ranked 44th and lost 3% in intraday, and led its market cap to slip to $1.795 Billion. Despite the overall bearish trend going on from the second quarter, crypto comes in the top 50 global crypto assets. 
Its spot volume inflow increased by 14% for the current trend continuation, which is higher bearish interest. It also had a moderate liquidity present at 6.35%. 
<h2 class="wp-block-heading" id="h-what-does-derivatives-signify-in-cosmos-atom">What Does Derivatives Signify in Cosmos (ATOM)?</h2> 
Recently, per the derivatives research website, an increase in the derivatives trading activity of the Cosmos was registered over the last 24 hours.&nbsp; 
The open interest for the Cosmos surged 3%, with OI’s reached at $70.96 Million. This was followed by a surge of 6% in its derivatives trading volume, which amounted to $112.90 Million. 
On further examination, it was observed that the increased derivatives active were for the current downward trend. It signified that the bearishness was on the rise, which was further confirmed by Intrady’s liquidation data. 
Similarly, the derivatives liquidation chart of <a href="https://www.thecoinrepublic.com/price-prediction/cosmos/">Cosmos</a> exhibited an advance in the long liquidations over the last few weeks.&nbsp; 
This led to a strong profit booking in longs in the asset, which led the price to certain lows over witnessed the daily chart. The long liquidation was higher at $678.99K, and the shorts were less at $964.57. 
<h2 class="wp-block-heading" id="h-cosmos-atom-price-action-outlook">Cosmos (ATOM) Price ACtion Outlook</h2> 
This bearish downward trend began in March 2024. This happened after its price reached a swing high of $14.505, from an ascending wedge developed in the last quarter of 2023 and the first quarter of 2024.&nbsp; 
Since that peak, the asset has been continuously declining. It most likely appeared as a breakdown of a bearish pattern, precisely the ascending wedge pattern. ATOM has experienced a sustained downtrend.&nbsp; 
Again, this looked like the development of a falling wedge pattern on the daily chart. It appeared as a bullish pattern under construction. 
Since the bearishness appeared high and derivatives liquidation of longs was high too. There has been a higher chance that the dip could increase towards making strong support from the wedge’s lower border.&nbsp; 
In the case of further dip, the supports of $4 and $3.5 could play significant roles. Once breached, the downtrend could extend.  
<a href="https://in.tradingview.com/chart/ATOMUSD/J5apByQA-Cosmos-ATOM-Price-ACtion-Outlook/"></a><a href="https://in.tradingview.com/u/Sam_TCR/"></a><a href="https://in.tradingview.com/"></a>  
However, on the flip side, if it dips and takes humongous support followed by major bulls’ interest from the wedge’s lower border. The price propulsion could attain a breakout by completing the falling wedge pattern.&nbsp; 
Therefore, in case of a rise, the interruptions that could threaten its scent would be present at $6 and $8, respectively. 
Corresponding to ATOM’s daily chart price, the indicators also depict a bearish trend. However, a minor change has been observed that resembles some buying input in the asset. As RSI surged above 14-SMA, bears still reigned supreme as MACD showed bears cross. 
The post <a href="https://www.thecoinrepublic.com/2024/08/16/cosmos-atom-derivatives-activity-surges-amid-bearish-trend/">Cosmos (ATOM) Derivatives Activity Surges Amid Bearish Trend</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Cosmos (ATOM) Derivatives Activity Surges Amid Bearish Trend

Table of Contents

Thecoinrepublic.com

Other articles published on Aug 17, 2024

Bybit Registers as VASP and Card Operator in Argentina

Crypto Analysts: Pawfury Could Be the Best Investment of the Year

Bitcoin ETFs Maintain Positive Inflows While Ethereum ETFs Incure Outflows

Trump’s Pussy (TRUMPPUS) Solana Memecoin Will Rally 18,000% Before Exchange Listings, While Shiba...

Top Altcoins to Buy Ahead of the Next Alt Season: Solana, Avalanche, Litecoin, VeChain, and Optimism

Turkish Investors Prefer New Altcoins

Join our free newsletter for daily crypto updates!