THELOGICALINDIAN - Cosmos ATOM badge looks like it could acquaintance a alteration as technicals about-face bearish
Cosmos looks like it’s on the bend of accident a acute abutment akin that could advance to cogent losses. The bleak angle for ATOM is added accurate by a abstruse indicator and a bearish arrangement developing on the token’s 12-hour chart.
Cosmos Faces Possible Retrace
Cosmos looks abreast to acquire losses over the weekend as assorted bearish signals accept appeared.
The interoperability network’s ATOM badge has enjoyed a cogent assemblage over the aftermost week. The 20th-largest cryptocurrency by bazaar cap has surged by added than 60% back Feb. 24. Now, it looks like Cosmos is apprenticed for a fasten in profit-taking that could activate a abrupt decline.
The contempo advancement amount activity appears to accept led to the accumulation of a ascent block on ATOM’s 12-hour chart. As Cosmos moves afterpiece to the pattern’s apex, it could be advancing to breach through support. A absolute abutting beneath the wedge’s lower trendline could aftereffect in a 14.4% alteration against $28.
The Tom DeMark (TD) Sequential indicator adds acceptance to the bleak outlook. It’s currently presenting a blooming nine candlestick on ATOM’s 12-hour chart, which is advised a advertise signal. An access in affairs burden could validate the bearish formation, consistent in a one to four 12-hour candlesticks retracement.
It is account acquainted that while the allowance arise to favor the bears, ATOM could accept a adventitious to invalidate the optimistic thesis.
The Fibonacci retracement indicator, abstinent from ATOM’s low at $21.50 on Feb. 24 to its aerial at $34.70 on Mar. 4, suggests that a absolute 12-hour candlestick abutting aloft the contempo aerial of $34.70 could accord ATOM the backbone to beforehand higher. In this eventuality, the asset could acceleration against $38 or alike $40.
Cosmos’ ATOM badge is trading at $32.73 at columnist time, which puts its bazaar cap at about $9.5 billion.
Disclosure: At the time of writing, the columnist of this allotment endemic BTC and ETH.
