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ATOM has been in bullish momentum since June
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The token has been getting boosts from the anticipated ATOM 2.0
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ATOM shaped a double high and is correcting however maintains an uptrend
Cosmos ATOM/USD trades 2.93% decrease within the final 7 days as of press time. A bearish MACD crossover confirms a bearish market. The token has, nevertheless, recovered 4.83% in 24 hours. Should this ship shivers that ATOM is now bearish?
ATOM appeared to lose a bullish surge after getting rejected at $16 twice. That resulted within the formation of a double high. Nonetheless, it must be remembered that the token has been bullish since a low of beneath $6 in mid-June. The cryptocurrency trades at greater than double value at $14.4 from the underside value.
ATOM’s strengths emanate from the Cosmoverse convention, which begins on September 26 to twenty-eight. This is when followers can have an opportunity to get the small print of the much-speculated ATOM 2.0. In the previous, ATOM has been criticized as a consequence of its inflationary options. ATOM’s inflation depends upon the token’s staking percentages. ATOM 2.0 is anticipated to handle the inflation by means of a tough cap on the availability or burning mechanism.
ATOM corrects to the $13 minor assist
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Source – TradingView
On the technical entrance, ATOM is buying and selling barely above minor assist of $14. The newest correction pushed the token beneath the 20-day MA. However, the token retains the 50-day MA intact, coinciding with an ascending trendline.
The MACD indicator exhibits a bearish crossover in step with ATOM correction. At the present stage, the upside seems subdued by a weak momentum. However, the bulls are defending the $13 stage.
Concluding ideas
The Cosmoverse occasion might be extremely watched because it may decide whether or not ATOM will stay bullish. Still, on the present stage, we can not contemplate ATOM’s bull run over because it stays above the ascending trendline. If bears handle to take the token beneath $13, the subsequent stage might be $12.
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