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Analyst Says ATOM Has ‘A Great Chart’

August 16, 2024Updated:August 16, 2024No Comments3 Mins Read
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Analyst Says ATOM Has ‘A Great Chart’
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Cosmos is presently held between a rock and a tough place out there, in line with crypto analyst Alan Santana. To him, it is a very opportunistic time for long-term buyers, most particularly these with a bullish outlook.

Associated Studying

He feels that ATOM is at present buying and selling at fairly a outstanding low cost from the highs posted, therefore positioning itself for a really compelling risk-reward entry. In line with Santana, Cosmos has “an excellent chart” as a result of the coin is buying and selling very low in comparison with historic costs.

Cosmos (ATOM) Pre-2025 Bull-Market Accumulation Zone & Technique

Cosmos has an excellent chart…

How are you doing my pricey pal?
Prepared for a brand new yesterday, tomorrow-today?
Are you able to discover this chart with me on this great day?

Cosmos has an excellent chart as a result of it’s… pic.twitter.com/SH4yrF76yd

— Alan Santana (@lamatrades1111) August 14, 2024

Cosmos: Accumulation Part and Dangers

Santana emphasised that Cosmos was in its crucial part of accumulation. Alternatively, ATOM has traditionally shaped greater long-term lows, which may very well be a technical indicator setting a stage for future positive factors.

Analyst Says ATOM Has ‘A Great Chart’

Nonetheless, accumulation comes with dangers. The important thing stage to observe could be $1.923, a low from March 2020. Ought to the value of ATOM go under this threshold, it might considerably undermine the bullish narrative Santana presents.

Such a decline may very well be interpreted as a shift in market sentiment and would end in weaker efficiency in contrast with different cryptocurrencies.

ATOM market cap at present at $1.76 billion. Chart: TradingView.com

One other strain on ATOM comes from insider promoting. As quickly because the builders, miners, or exchanges start to promote their holdings en masse, that often turns into a pink flag indicator of issues throughout the challenge or, on the very least, a scarcity of perception in its additional perspective.

This is likely to be why, particularly, Cosmos can’t maintain up that nicely in comparison with different altcoins, which have been capable of keep above their June 2022 lows.

Bearish Forecast And Market Sentiment

Though Santana’s sentiment is barely overly hopeful, the market sentiment is overwhelmingly bearish. In line with CoinCodex’s most up-to-date prediction, Cosmos will lose 8.56% and its value will fall even additional to $4.13 by September 15, 2024.

All technical indicators on this forecast are bearish. The Worry & Greed Index has lastly reached 27, exhibiting a lot worry out there. For Cosmos, there have been 9 inexperienced days over the past 30 days—out of a attainable whole of 30.

Supply: CoinCodex

This interprets right into a optimistic return price of 30%. Its present value volatility is at 11.64%, indicating a extremely unsure and dangerous time-frame.

Properly, contemplating the present state of the market, it is probably not a really perfect time to spend money on Cosmos. Primarily based on the components talked about above, specifically the value drop forecast and the present sense of worry out there, it might appear that warning is due.

Associated Studying

Weighing The Dangers and Rewards

Though Santana’s evaluation exhibits that this might really be useful for future achieve, the outlook instantly shouldn’t be so promising. The components subsequently should be considered by the investor prior to purchasing.

Cosmos is a high-risk, high-reward situation. The present low value and former greater lows might yield large rewards for long-term buyers who can deal with the storm. Nonetheless, opposed temper, insider promoting, and value lower expectations are dangers.

Featured picture from Zipmex, chart from TradingView





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