Cosmos

Cosmos price (<a href="https://www.thecoinrepublic.com/price-prediction/cosmos/">ATOM</a>) has struggled below the key EMAs, held between a rock and a hard place near the crucial pivot of $4.40. Last week saw a dead cat bounce, and gains sold out, conveying the seller’s dominance. 
The Cosmos price continued to form the lower lows, trading inside a falling channel pattern. It noted correction by over 35% in the past two months. 
This week, Cosmos Hub announced the release of its v19 upgrade, which will enhance the efficiency and security of Cosmos Hub. Despite the positive developments, ATOM price failed to register a pump and struggled in the downward region. 
Nonetheless, it made a triple bottom formation around the $4.40 mark and was looking for a rise. This might lead to a trap for the sellers hoping for a drop. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/search?q=%24ATOM&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ATOM</a> i was about to capitulate my bags , but noticed something <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/KefyjCJjQo">pic.twitter.com/KefyjCJjQo</a>— Dona 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f977.png" alt="🥷" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@CryptoDona7) <a href="https://twitter.com/CryptoDona7/status/1829097483567239408?ref_src=twsrc%5Etfw">August 29, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
Tweet by CryptoDona | Source: X 
Crypto analyst @Dona shared his charts, which reflected an Elliott Wave Analysis. He mentioned in his chart that Cosmo’s price reached its 3rd support wave. This can be considered a spring; from here, a bounce can be seen toward the $6 mark in the short term. 
Considering this, ATOM price may gain strength and see a short-term reversal. Also, the Bollinger bands were starting to squeeze, which hints that a near-term sharp move is on the horizon. 
<h2 class="wp-block-heading" id="h-cosmos-price-eyes-a-bounce-is-the-5-mark-breachable">Cosmos Price Eyes a Bounce: is the $5 Mark Breachable?</h2> 
This month, Cosmos price was stuck in a significant range and persisted in consolidating below the $5 mark. Amid multiple attempts to cross the barrier, buyers failed to maintain their upper hand. 
Last week, the token faced rejection from the 50-day EMA mark and pushed toward $4.40, the key support zone. 
The Relative Strength Index (RSI) line stayed neutral, moving close to 45 below the midline region, underlining mixed cues. A daily close above the $5 mark would confirm the bullish reversal, which might reach the upside target of the 100-day EMA barrier. 
Per the Fib levels, ATOM price was on the brink of the 23.6% support zone and inched closer to the lower Bollinger band support zone. <iframe loading="lazy" title="Santiment Chart: Price (ATOM), Volume (ATOM)" width="800" height="425" src="https://embed.santiment.net/chart?ps=popcat-sol&amp;pt=POPCAT&amp;df=2024-03-01T18%3A29%3A59.337Z&amp;dt=2024-08-30T18%3A29%3A59.337Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bcosmos%3BATOM%5D%3B%5B1%3Bvolume_usd%3Bcosmos%3BATOM%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
ATOM Price Volume Chart | Source: Santiment 
At press time, Cosmos traded at $4.65, up by 0.01%, and remained almost flat in the last 24 hours. Trading volume dropped over 23%, defining the losing investor’s interest. 
With a market cap of over $1.53 Billion, ATOM was at 55th rank, based on market cap. It had a volume-to-market cap ratio of 0.0403. 
<h2 class="wp-block-heading" id="h-liquidations-data-observed-bearish-cues">Liquidations Data Observed Bearish Cues</h2> 
More than $159.25k longs were liquidated at press time, whereas only $21k shorts were liquidated. It represents that buyers are in trouble and trying to liquidate their position. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="279" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/cosmos1-1024x279.png" alt="" class="wp-image-689990" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/cosmos1-1024x279.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/cosmos1-300x82.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/cosmos1-768x209.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/cosmos1-150x41.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/cosmos1-696x190.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/cosmos1-1068x291.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/cosmos1.png 1409w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure> 
Liquidation Data | Source: Coinglass 
<h2 class="wp-block-heading" id="h-sharpe-ratio-remained-negative-for-cosmos-price">Sharpe Ratio Remained Negative For Cosmos Price</h2> 
Sharpe ratio value remained below zero for the past three months for Cosmos price, at -3.74. It means that sellers have maintained their upper hand and underlined a sustained downtrend. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="518" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/cosmos2-1024x518.png" alt="" class="wp-image-689995" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/cosmos2-1024x518.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/cosmos2-300x152.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/cosmos2-768x388.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/cosmos2-1536x776.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/cosmos2-150x76.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/cosmos2-696x352.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/cosmos2-1068x540.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/cosmos2.png 1563w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure> 
Sharpe Ratio Data &nbsp; &nbsp; Source: Messari 
In a bearish scenario, breaking the $4 level would unlock the next bearish leg toward the $3.20 mark, followed by $2.70. However, the prompt resistance of the $5 mark is the crucial hurdle for Cosmos price. Above it, $5.70 and $6 will be the next barriers. 
The post <a href="https://www.thecoinrepublic.com/2024/08/31/cosmos-price-struggles-near-52-week-lows-but-heres-a-catch/">Cosmos Price Struggles Near 52-Week Lows: But Here’s a Catch</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Cosmos Price Struggles Near 52-Week Lows: But Here’s a Catch

Table of Contents

Thecoinrepublic.com

Other articles published on Aug 31, 2024

MoonBag Targets $10 While DOGE Eyes 4000% Surge & BONK Trader Predicts 10,000x Growth

North Korean Hackers Use Chrome Vulnerability To Steal Cryptocurrency

Investor Swaps Shiba Inu for FET Amid Losses

Overall Crypto Market Is Down, but NEAR and AI Altcoins Are up – Here’s Why

Will Bitcoin (BTC) Price Rebound in September?

Crypto Security Report: August Losses Down, but 2024 Total Surpasses $1.2 Billion

Join our free newsletter for daily crypto updates!