Cosmos Hub Price Prediction as ATOM Stays Green Despite Market Crash – Should You Invest Today?
The Cosmos Hub price has risen by 4% today, moving ATOM to $8.30 as the cryptocurrency market loses a big 9% in 24 hours.
Despite this lift, ATOM remains down by 5% in a week and by 30% in the last 30 days, with the altcoin also sitting on a 26% decline in the past year.
While its performance has disappointed in recent months, it almost seems that traders have turned to its already-discounted price today at a time of market-wide stress.
It could therefore be on the cusp of a big rally, particular as the market as a whole begins to recover.
The most noticeable feature of ATOM’s chart is that, after having risen overall in the past day, the coin has actually fallen steeply in the past hour or so, as holders react to the market-wide crash.
Accordingly, its relative strength index (purple) has dropped from 70 earlier this morning to just under 50 now, signalling a big loss of momentum.
It’s possible that the RSI will fall towards and below 30 before we see a turnaround, with ATOM’s 30-day average (orange) also flattening out in the past hour after rising strongly in the morning.
One of the more bearish signals in ATOM’s chart comes from the coin’s resistance (red) and support (green) levels, which are both sliding down.
This suggests that the coin will sink to a new medium-term level before right itself, with its spike in volume signalling an increasing desire to sell out of the token.
Are we going to catch a bounce on $ATOM?
12-hr chart:
• Price was oversold (blue candles)
• Bullish divergence
• Pending buy signal
Cautions: Higher time frames like daily, weekly, & monthly are still currently bearish. pic.twitter.com/8XLBSGKlki
— Jesse Olson (@JesseOlson) May 1, 2024
Some analysts predicted ATOM’s bounce this morning, although it’s worth
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