Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• ATOM dropped to a new 2023 low of $6.158. 
• There were no signs of a reversal signal from the Futures market data. 

Cosmos [ATOM] hasn’t contained the extra selling pressure in Q4 2024. The altcoin was down 14% in October based on the press time value of $6.2, with no immediate signs of price reversal. 

Is your portfolio green? Check out the ATOM Profit Calculator

A previous technical analysis of ATOM captured the recent extra price drop. A move below the previous low of $6.287 formed on 11 September meant that ATOM could plunge further. 

When will the plunge stop?

The previous low of $6.287 occurred in a daily bullish order block of $5.550 – $6.520 (cyan) formed on 18 June 2022. Although the above bullish OB stopped the previous pullback, the recent extended drop meant sellers had more market leverage. 

A Fib tool was plotted between the recent high and previous low. Based on the tool, $5.95 and $5.75 were the immediate bearish targets for aggressive sellers. 

Conversely, a price reversal at the bullish OB, which was unlikely at the time of writing, could set ATOM to target $6.8 or $6.6. 

Key price indicators were negative and cemented the bearish inclination. In particular, the RSI retreated to the oversold zone and signaled a spike in selling pressure. Sellers’ edge was further boosted by low Spot

Go to Source to See Full Article
Author: Benjamin Njiri

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details