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Home»ALTCOIN NEWS»ATOM is a bearish warning sign: Will the price reach $9?
ALTCOIN NEWS

ATOM is a bearish warning sign: Will the price reach $9?

By Crypto FlexsJanuary 1, 20243 Mins Read
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ATOM is a bearish warning sign: Will the price reach ?
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  • ATOM could fall as low as $9 when the ride begins in 2024.
  • Traders should pay attention to the funding ratio for buying opportunities.

Cosmos (ATOM) is starting to erase gains made over the past 30 days, and there could be more gains to come, according to analyst Ali Martinez.

His analysis shows that ATOM could start the new year with a correction to $9. Martinez’s post on X shows that he used the Tom DeMark (TD) Sequential to reach his conclusion.

TD Sequential has issued a sell signal. #Cosmos 3-day chart! This indicator suggests that a price correction could be imminent, which could potentially be a factor for the upside. $ATOM It could go down to $10, or even down to $9. pic.twitter.com/FwvXLL6RBp

— Ali (@ali_charts) December 31, 2023

Participants withdraw interest

TD Sequential indicates when a trend may be exhausted and a price reversal is possible. So, according to predictions, the buyers who participated in pushing the token to $12.25 on December 26 have disappeared from the market.

At press time, ATOM’s price was $10.58, down 6.38% over the past 7 days.

A few days ago, AMBCrypto reported a surge in ATOM price. In that article, we highlighted how impressive Comsos network activity is.

The article may have been helpful to ATOM holders, but the same cannot be said for recent predictions.

This has seen AMBCrypto see volume over the past week. Analysis of Santiment’s on-chain data shows that ATOM trading volume has decreased.

As of this writing, the amount is 129.8 million volumes. This is a notable decrease compared to the December 26 amount.

ATOM price and volume on Cosmos network

Source: Santiment

The trading volume at that time was 479.75 million. Trading volume refers to the number of cryptocurrency traders over a specific period of time. This decline therefore validated the initial notion that buyers had withdrawn interest in ATOM.

Tired buyers put the bear on the steering wheel.

From a technical perspective, the cryptocurrency’s momentum was deep in bearish territory. This claim is confirmed by Moving Average Convergence Divergence (MACD).

At press time, MACD was -0.020. Negative values ​​for this indicator indicate increasing downward momentum.

So Martinez’s prediction that ATOM could fall below $10 could be valid. Another indicator that supports bias is Aroon. At the time of this writing, the Arundown (blue) index was 85.71%.

On the other hand, Arunup (orange) recorded 7.14%. This crossover means that the downtrend may continue in the near term.

ATOM price analysis on 4-hour chartATOM price analysis on 4-hour chart

Source: TradingView

Despite the possibility of a decline, ATOM’s funding ratio remained in positive territory at 0.039%. This means that traders were optimistic about the price movement at the time of reporting. Therefore, more buyers are paying funding fees to sellers.


Read Cosmos (ATOM) Price Prediction 2023-2024


However, high funding when ATOM price is falling is not a good entry signal.

Therefore, traders on the side may need to be cautious when the funding rate turns negative. Another opportunity could be a period where ATOM reverses to the upside after a potential decline.

ATOM Funding Rate and Price ActionATOM Funding Rate and Price Action

Source: Santiment

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