Cosmos (ATOM) started this year with a bang by attaining its all-time high (ATH) on January 17 when it traded for $44.45.<\/p>\n
But just like other cryptocurrencies, it failed to sustain that level and was relentlessly pummeled by the volatile crypto market.<\/p>\n
Cosmos has been down by 16.8% over the last month
\nATOM is forecasted to fall below $7 a month from now
\nCosmos remains in extended bearish momentum nine months after attaining its ATH<\/p>\n
Nine months later, Cosmos lost more than 70% of its ATH and is currently trading at $11.86 according to tracking from Coingecko<\/a> at the time of this writing.<\/p>\n In just two weeks, the asset went down by 10.3%. On a month to date basis, the 23rd largest cryptocurrency in terms of market capitalization declined by almost 17%.<\/p>\n It failed to break free from its downward<\/a> trend that has been going on since the latter part of September.<\/p>\n Technical Indicators Not Looking Rosy For Cosmos<\/p>\n Hopes for a bullish run for the asset this time might be met with disappointment as its analysis points are leaning towards extension of the current bearish momentum.<\/p>\n Source: TradingView<\/p>\n While the Relative Strength Index (RSI) of Cosmos stayed above 40, it is still below the 50 neutral score. While not strongly, it will still pull the digital coin in a downward trend.<\/p>\n In September, ATOM\u2019s On-Balance Volume (OBV) swayed between two levels of resistance and support. In this case, a surge cannot be ruled out but the same can also be said about a sharp price dump.<\/p>\n The crypto\u2019s current price action is suggesting that over the next few days sellers will dominate. As a result forecasts see Cosmos declining even more in the days to come.<\/p>\n According to prediction from Coincodex<\/a>, the next five days will see ATOM go down all the way to $10.72.<\/p>\n The situation doesn\u2019t get better from there as the 30-day prediction hints a steep fall that will pull Cosmos to $6.72.<\/p>\n ATOMic Interest Already Fading?<\/p>\n Cosmos had a good start for October in terms of development activity, tallying strong numbers from early to mid part of the month.<\/p>\n But developers seem to have stalled as activity metrics started to dwindle towards the end of the month. Moreover, social dominance for the protocol remained low, peaking at 0.72%.<\/p>\n Even when Cosmos rallied in September, from $11.7 to $16.7, it failed to surpass the current almost insignificant value of its social dominance.<\/p>\n By all indications, it seems interest for the crypto asset is starting to fade. This is seen to impact trading price severely, as ATOM will probably soon hit $10.53 or worse, $9.<\/p>\n\n ATOM total market cap at $3.3 billion on the daily chart | Featured image from Jeremy Thomas\/Unsplash, Chart: TradingView.com<\/a><\/p>\n Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Cosmos (ATOM) started this year with a bang by attaining its all-time high (ATH) on January 17 when it traded for $44.45.<\/p>\n But just like other cryptocurrencies, it failed to sustain that level and was relentlessly pummeled by the volatile crypto market.<\/p>\n Cosmos has been down by 16.8% over the last month Nine months later, Cosmos lost more than 70% of its ATH and is currently trading at $11.86 according to tracking from Coingecko<\/a> at the time of this writing.<\/p>\n In just two weeks, the asset went down by 10.3%. On a month to date basis, the 23rd largest cryptocurrency in terms of market capitalization declined by almost 17%.<\/p>\n It failed to break free from its downward<\/a> trend that has been going on since the latter part of September.<\/p>\n Technical Indicators Not Looking Rosy For Cosmos<\/p>\n Hopes for a bullish run for the asset this time might be met with disappointment as its analysis points are leaning towards extension of the current bearish momentum.<\/p>\n Source: TradingView<\/p>\n While the Relative Strength Index (RSI) of Cosmos stayed above 40, it is still below the 50 neutral score. While not strongly, it will still pull the digital coin in a downward trend.<\/p>\n In September, ATOM\u2019s On-Balance Volume (OBV) swayed between two levels of resistance and support. In this case, a surge cannot be ruled out but the same can also be said about a sharp price dump.<\/p>\n The crypto\u2019s current price action is suggesting that over the next few days sellers will dominate. As a result forecasts see Cosmos declining even more in the days to come.<\/p>\n
\nATOM is forecasted to fall below $7 a month from now
\nCosmos remains in extended bearish momentum nine months after attaining its ATH<\/p>\n