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The Cosmos (ATOM) worth is buying and selling inside a Fib and horizontal assist degree. There are not any decisive indicators in both course.

ATOM is the native token of the Cosmos ecosystem. The ATOM price has fallen since reaching an all-time excessive worth of $44.65 in Sept. 2021. It created a decrease excessive in Jan. 2022 earlier than accelerating its charge of lower. Until now, Cosmos fell to a minimal worth of $5.55 in June 2022. 

The worth of Cosmos initiated a bounce afterward that’s nonetheless ongoing. 

A big growth is reclaiming the long-term $8.80 horizontal assist space. The space has intermittently acted as resistance and assist since July 2020 (purple and inexperienced icons). So, the June breakdown (purple circle) is just a deviation because of the subsequent reclaim.

The weekly RSI is under 50 regardless of the ATOM worth is buying and selling above the $8.80 assist space. So, whether or not the value breaks down or bounces will possible decide the long run ATOM worth prediction.

Cosmos (ATOM) Price Rise Loses Momentum

The day by day timeframe reveals two different vital resistance and assist ranges. Firstly, the ATOM worth has adopted a descending resistance line since Sept. 9. The line rejected ATOM on Nov. 5.

Afterward, the value fell to the 0.618 Fib retracement assist at $10. This is each the 0.618 Fib retracement assist degree and a horizontal assist space.

However, the day by day RSI is bearish since it’s under 50. As a consequence, whether or not the ATOM worth breaks down from the $10 space or bounces will decide the long run development.

Wave Count Supports Bounce?

The wave rely helps the chance of a bounce. It reveals that the ATOM worth has accomplished an A-B-C corrective construction.

The indisputable fact that the waves have an almost 1:1 ratio and the overlap (purple line) of waves A and C assist this being the right rely.

However, the rely can be invalidated with a decisive shut under the $10 assist space. In any case, the wave rely solely suggests a short-term enhance will observe, quite than a long-term bullish reversal. As a consequence, the course of the long-term development is unclear.

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