Cosmos (ATOM), which traded at $44.45, started 2014 with a bang. It reached its all time high (ATH), on January 17.
However, like many other cryptocurrency coins it was not able to keep the same level of performance and was constantly beaten by volatile crypto markets.
- Cosmos is down 16.8% in the past month
- ATOM will fall to $7 per month in the future, according to forecasts
- Nine months after achieving its ATH, Cosmos continues to be in bearish momentum
Cosmos has lost over 70% of its ATH nine months later and currently trades at $11.86 per tracking data from CoingeckoThis is at the time that this was written.
The asset fell by 10% in just 2 weeks. A month-to-date basis, the asset fell by 10.3%.RdNearly 17% has been lost in market capitalization for the biggest cryptocurrency.
The company failed to get out of its bind. This trend has been ongoing since September’s second.
Technical Indicators Are Not Rosy for Cosmos
The asset’s analysis suggests that it is likely to continue its bearish momentum. This could mean disappointment for any hope of a bullish run.
Although the Relative Strength Index of Cosmos remained above 40 it still falls below the neutral score of 50. Although it is not strong, the trend will continue downwards for digital coins.
In September, ATOM’s On-Balance Volume (OBV) swayed between two levels of resistance and support. This case is not ruled out for a surge, however, it can be used to predict a sharp drop in price.
The crypto’s current price action is suggesting that over the next few days sellers will dominate. Cosmos is expected to drop even further in the days ahead, according to forecasts.
Based on predictions from CoincodexThe ATOM will drop to $10.72 in the following five days.
The situation doesn’t get better from there as the 30-day prediction hints a steep fall that will pull Cosmos to $6.72.
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Cosmos saw a positive start to October, with strong development activity numbers in the early and mid parts of the month.
However, developers appear to have stopped as activity metrics began decreasing towards the end. Social dominance of the protocol was also low at 0.72 percent.
Cosmos’ September rally, which saw it rise from $11.7 to $16.7 in value, was not enough to overcome its current social dominance.
It seems that interest in the cryptocurrency asset is beginning to fade. The ATOM price will likely rise to $10.53 soon, and worse still, $9.
ATOM's total market cap is $3.3 billion according to the daily chart. Featured image by Jeremy Thomas/Unsplash. Chart courtesy of TradingView.com| Featured image from Jeremy Thomas/Unsplash, Chart: TradingView.com Disclaimer: This analysis is the author's opinion and should not necessarily be considered investment advice.