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Technical Analysis Suggests ATOM Price Still Has Room to Fall

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04
May
    • The Cosmos (ATOM) price is still down in the last 24 hours, with a price of $17.98.
    • The trading volume of ATOM in the last 24 hours has decreased by 13.77%.
    • RSI14 and 50 and 100 EMA are yet to confirm a trend reversal as the price of ATOM still has room to fall more.

Cosmos (ATOM) is still down in the last 24 hours, taking its price to $17.98 at the time of writing, according to CoinMarketCap.

Meanwhile, the price of LINK is down by 3.71% in the last 24 hours, along with the rest of the crypto market, which has also seen a price dip in the last day. ATOM’s price is also down by 14.06% in the last seven days.

The trading volume of ATOM in the last 24 hours has fallen quite a bit compared to the day prior, as the 24-hour trading volume has decreased by 13.77% and is currently over $436 million. The token’s circulating supply is around 286 million ATOM.

When it comes to market cap, ATOM is ranked 27th on CoinMarketCap’s list of the biggest crypto projects. The market cap of ATOM currently sits at $5.1 billion. It is ranked just under FTX Token (FTT), with a market cap of over $5.2 billion. Meanwhile, ATOM ranks one position higher above Uniswap (UNI), with a market cap of more than $4.8 billion.

There is still room for ATOM’s price to move down (Source: TradingView)

Looking at the daily chart for ATOM/USDT, the RSI14 is around 38.98. This indicates that the price of ATOM still has room to move down as it heads toward the oversold territory. In addition, the 50 and 100 EMA have not yet crossed to signal a longer-term bearish cycle.

When looking at the current price on the weekly chart for ATOM/USDT, the price could drop to as low as $10 per coin should we enter a longer-term bearish cycle.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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