Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- The market structure has been bearish since late April.
- The recent drop below $10.65 highlighted massive strength from the sellers.
The launch of the first Consumer Chain was likely to see more utility for the Cosmos network. It shored up investor confidence by assuring them that the project remained growth-oriented. Yet it was not enough to hold the ATOM downtrend at bay.
Read Cosmos’ [ATOM] Price Prediction 2023-24
The higher timeframe price action highlighted bearishness. The indicators showed downward momentum was on the rise and the Cosmos native token was likely to see further losses in May and June.
ATOM slips beneath critical support zone from March
Both the 12-hour and the daily timeframes highlighted the local bottom formed on 9 March was significant, as ATOM could rally from this support zone to reach $13.49 on 14 March. Thus, there was a 29.4% gain within a week, showing strong demand.
Since then, the bullish order block at the $10.65 level (cyan) has been respected. However, it did not yield as strong a reaction as the first time, which was expected. Generally, the retests of an order block after the first one are weaker, and this was true in this case.
ATOM bulls were unable to drive prices past $13 once more, and in April, bullish ex
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Author: Akashnath S
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