Cosmos (ATOM) Token Price Declines Despite Strong Social Media Presence
- WBOYOriginal
- 2024-08-11 00:07:10580browse
The Cosmos token was the 39th largest cryptocurrency in the global crypto market at press time. It showed a strong market presence and a market cap dominance of 0.09%.
The Cosmos (ATOM) token price showed a strong market presence as the 39th largest cryptocurrency in the global crypto market at press time. It had a market cap dominance of 0.09%, showing a strong presence in the market.
However, the sentiment for Cosmos crypto was bearish, as per CoinCodex, and the fear and greed index was at 40, indicating fear among investors.
Moreover, there was a decline in the trading volume of Cosmos over the last 24 hours. It showed a 28% decline in the spot trading volume, followed by a 29% drop in the derivatives trading volume.
The Cosmos token price showed higher long liquidation against the short liquidation in derivatives, indicating buyers’ dominance. Its market cap declined 0.24% in the last 24 hours to $1.987B.
The token price showed high volatility with a volatility of 9.77%, and the total value locked for the Cosmos was $741K.
The social presence of Cosmos showed strength as its Twitter followers increased over time. The official Cosmos Twitter account had 558.25K followers at press time, indicating growing interest and engagement within the community.
In addition to the rising Twitter followers, the Cosmos platform experienced a surge in Reddit subscribers over the past few months. This trend highlighted the expanding reach and influence of Cosmos across various social media platforms, further solidifying its presence in the cryptocurrency space.
The ATOM token price has consistently declined over time due to a falling wedge pattern on the daily chart. A swing high of $14.5 was formed in March 2024, and the token price since then witnessed a consistent decline.
That decline in the token price was followed by the formation of lower lows on the daily chart. Additionally, the token’s behavior led to the formation of a falling wedge. The price traded inside the same for the last three months.
Suppose the ATOM token price breaks above the falling wedge pattern with strong momentum and sustains above the same, we might change the price trend.
The 50-day and the 200-day EMAs on the daily chart consistently traded in a death cross for more than three months. The ATOM token price also traded below the EMAs, exhibiting strong seller dominance.
ATOM/USD Chart by TradingView.com
The Supertrend on the daily chart also gave a strong sell signal as the token price traded below the ATR level.
MACD further gave a strong sell signal as the MACD and the signal line traded in death crossover and sustained a negative trajectory.
The RSI also declined to the oversold zone and overlapped the 14-day SMA. That showed bearishness in the token price.
Additionally, the support levels for the token were $4.0 and $4.50, followed by the resistance levels of $8.70 and $11.30.
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