Cosmos

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<p><strong>Cosmos (ATOM)</strong> bulls succeeded in defending the $5 mark support zone during the selloff that happened this week. <a href="https://www.thecoinrepublic.com/2023/11/06/cosmos-price-prediction-2023-2028-can-atom-price-conquer-30/">ATOM price</a> is still below the $6 mark.</p> 
<p>Although <strong>ATOM price </strong>stayed on the backfoot over the past four months, a <strong>range breakdown </strong>happened last month and it dived below its crucial pivot mark of $8.</p> 
<p>This range breakdown boosted seller confidence and threatened the short term holders, displaying <strong>negative sentiment.</strong> However, the short term trend favored the bear army as buyers looked trapped.</p> 
<p>Until ATOM price sticks to the $7-8 zone, doors toward the downside zone of $4 were intact and further retracement could be seen ahead.</p> 
<p>At press time, <strong>Cosmos </strong>was trading at $5.88 with an intraday drop of 2.26%, reflecting a downtrend on the chart. It has a monthly return ratio of -23.30% and -37.20% yearly, reflecting long-term bearishness.</p> 
<p>The pair of ATOM/BTC is at 0.000102 BTC, and the market cap is $1.93 Billion. Analysts are neutral and suggest that <strong>ATOM </strong>may fluctuate around the $6 mark and could decline.</p> 
<h2 class="wp-block-heading" id="h-could-cosmos-atom-secured-5-mark-amidst-severe-downtrend"><strong>Could Cosmos (ATOM) Secured $5 Mark Amidst Severe Downtrend?</strong></h2> 
<p>For the past few months, <strong>ATOM</strong> was trading in a sharp downtrend as it continued to lose gains. Recently, the market turned negative and the ongoing market sentiment looks negative which could impact further selloff in the ATOM token.</p> <iframe loading="lazy" title="Santiment Chart: Price (ATOM), Volume (ATOM)" width="800" height="425" src="https://embed.santiment.net/chart?ps=cosmos&amp;pt=ATOM&amp;df=2024-01-09T18%3A29%3A59.154Z&amp;dt=2024-07-09T18%3A29%3A59.154Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd&amp;wax=0%3B1&amp;wc=%2326C953%3B%23D2D6E7&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>The RSI looks oversold, noted at around 35, while the MACD indicator reflected red bars along with a bearish crossover.</p> 
<p>Out of 26 key indicators, 14 gave the sell signal, 9 were neutral, while only 3 signaled a buy call. This data highlighted that sellers have maintained their upper hand in it.</p> 
<h2 class="wp-block-heading" id="h-development-activity-noted-a-surge"><strong>Development Activity Noted a Surge</strong></h2> 
<p>Development activity data skyrocketed to the bluesky zone, noted at 337. This intense surge highlights the token’s growth, the potential for long term growth is high.</p> <iframe loading="lazy" title="Santiment Chart: Development Activity (ATOM), Social Volume (ATOM), Percent of Stablecoin Total Supply held by Whales with more than 5 million USD" width="800" height="425" src="https://embed.santiment.net/chart?ps=cosmos&amp;pt=ATOM&amp;df=2024-01-09T18%3A29%3A59.154Z&amp;dt=2024-07-09T18%3A29%3A59.154Z&amp;emcg=1&amp;emhwm=1&amp;wm=dev_activity%3Bsocial_volume_total%3Bpercent_of_whale_stablecoin_total_supply&amp;wax=0%3B1%3B2&amp;wc=%238358FF%3B%2368DBF4%3B%23FF5B5B&amp;ws=%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D%3B" scrolling="no"></iframe> 
<p>Social volume data reflected a stable move around 8, displaying average participation of investors on the social media platforms.</p> 
<p>Notably, the total supply held by the whales data reflected a surge over the past few trading sessions, which implies the overall bullish stance.</p> 
<p>A tweet by Waleed Ahmed on X revealed that <strong>ATOM </strong>reached its most crucial support zone at around $5 and could see a recovery ahead.</p> 
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24ATOM&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ATOM</a> maybe time to wake up now all is dead? <a href="https://t.co/agTWtPw6cK">pic.twitter.com/agTWtPw6cK</a></p>— Waleed Ahmed (@Waleedahmed234) <a href="https://twitter.com/Waleedahmed234/status/1810369190219371004?ref_src=twsrc%5Etfw">July 8, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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</figure> 
<h2 class="wp-block-heading" id="h-open-interest-swims-to-lows"><strong>Open Interest Swims to Lows</strong></h2> 
<p>Over the past few sessions, the open interest data declined sharply, conveying the fear among the holders to maintain their longs in the <strong>bearish market.</strong></p> 
<p>Notably, the <strong>open interest value </strong>declined over 1.20% to $72.20 Million over the last 24 hours, highlighting the long unwinding move.</p> <iframe loading="lazy" title="Santiment Chart: Total Open Interest in USD (ATOM), Total Funding Rates Aggregated by Asset (ATOM)" width="800" height="425" src="https://embed.santiment.net/chart?ps=cosmos&amp;pt=ATOM&amp;df=2024-01-09T18%3A29%3A59.154Z&amp;dt=2024-07-09T18%3A29%3A59.154Z&amp;emcg=1&amp;emhwm=1&amp;wm=total_open_interest%3Btotal_funding_rates_aggregated_per_asset&amp;wax=0%3B1&amp;wc=%23FFCB47%3B%23FF8450&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>Furthermore, the red bars over the last three sessions of the funding data indicates that shorts compensated long, which implies <strong>bearish sentiment.</strong></p> 
<p>The immediate support levels for <strong>ATOM price </strong>are $5.00 and $4.70, whereas the key upside hurdle is around $6.40 followed by $7</p> 
<p><strong>ATOM price</strong> traded below its significant moving averages and sails in the negative region below the $6 mark. Bulls need to charge their muscles and break the $6.50 mark anyhow to remain in the battle.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/07/09/atom-price-stalls-around-5-can-cosmos-bulls-fuel-recovery/">ATOM Price Stalls Around $5: Can Cosmos Bulls Fuel Recovery?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

ATOM Price Stalls Around $5: Can Cosmos Bulls Fuel Recovery?

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