Cosmos describes itself as a project that solves some of the “toughest problems” in the blockchain industry. It aims to provide an antidote to “slow, expensive, non-scalable, and polluting” proof-of-work protocols such as those used by Bitcoin by offering a connected blockchain ecosystem. The asset price has fallen by around 5% while the volume has been down by more than 30%. Recently Crypto research firm Delphi Digital shifted the focus of its research and development arm to the Cosmos ecosystem on Sept. 8, which made it gain around 24% that day.
At the time of writing, ATOM was trading at $13.39.
ATOM witnessed a sharp fall and closed in red for eleven consecutive weeks from 4th April 2022 to 13th June 2022. Post this move the asset made a ‘Morning Star’(Bullish Reversal Pattern) at the Bottom of $5.55 and started moving upwards in an ‘Ascending Channel’ pattern. Atom gave a breakout above the channel and made the High of $17.19. The bulls, however, failed to push the prices above the resistance of $17.25 and are witnessing profit booking. The asset has strong support at $13.35 (20-Week Moving Average) whereas to further rally it needs to close and sustain above the resistance of $17.25.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|
Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in Cryptos viz. Bitcoin, Bitcoin Cash, Ethereum etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.