Even though the Cosmos (ATOM) saw an early bear grip that reached a 24-hour low of $7.09, almost surpassing the month-to-month low of $7.07, positive momentum has dominated over the past 24 hours. Customers flocked in to take advantage of the reduced prices, and the market quickly bounced back.
As a result, the price increased consistently throughout the day, reaching a high of $7.31 before running into some resistance. However, the last hopeful angle remained strong, and at the time of publication, the price was trading at $7.23, remaining over the $7.20 barrier.
Market capitalization and 24-hour trading volume for ATOM increased by 1.82% and 19.33%, respectively, to $2,507,379,032 and $73,105,729, indicating increased investor interest and activity in the cryptocurrency. This increase in market capitalization and trading volume reflects growing interest in ATOM’s potential and capacity to attract customers.
The Vortex Indicator (VI) examines the relationship between the closing value of an asset and its purchasing and selling variance to determine the direction and magnitude of a development. As a result, the downtrend line (VI-) scarlet on the ATOM’s 4-hour value chart is climbing higher with a score of 0.9396 while the uptrend line (VI+) blue is moving lower with a price of 1.0234.
The market’s buying tension is waning with the Relative Energy Index (RSI) at 46.71 and heading downward. This finding gives weight to the idea that the trajectory of ATOM might change. The RSI should confirm a negative sign and strengthen the case for an ATOM slump if it drops below its sign line and 40.
The Bull Bear Energy (BBP), which has a rating of 0.0269032, is going south, indicating that the bears are taking control of the market and applying more pressure to promote themselves. This sample coincides with a developing slump in ATOM and will raise the possibility that the bulls will give up market control.
Moreover, the Charge of Change (ROC) has dipped under zero at -0.01, indicating that the speed of ATOM’s value slip is rising. This unfavorable ROC worth reinforces the bearish warning and provides proof of a doable ATOM downturn. Because of this, merchants ought to train care and use danger administration strategies to safeguard their ATOM investments.
In conclusion, whereas the ATOM’s preliminary restoration sparked optimism, the unfavorable indicators warning a possible downward development as shopping for stress falters.