Here’s What to Expect After the 17% Plunge
Cosmos price is on a rebound after the 17.79% decline earlier in the day. According to CoinMarketCap, the altcoin has had its price drop by 2.44% over the past 24 hours. During the same timeframe, its trading volume has surged by 157.91% while its market cap is lower by 2.37%.
Various cryptocurrencies have recorded significant losses in Wednesday’s session even as the market exudes greed. The crypto fear & greed index is still on the greed end of the spectrum with a reading of 73. Granted, this is a decline from the previous session’s extreme greed of 76.
Cosmos price forecast
ATOM has dropped by about 17.79% from Wednesday’s high of 43.31. Despite the observed volatility, it has remained above 35, which has been a key level for the crypto for over a month. At the time of writing, Cosmos price was down by 13.69% at 37.15%.
On a three-hour chart, it is trading between the 25 and 50-day exponential moving averages. In the near term, I expect it to hold steady above 35. Subsequently, it will trade within a rather tight range of between Wednesday’s low of 35.62 and the prior resistance level of 38.51.
Above the horizontal channel’s upper border, the bulls may manage to push Cosmos price to 41.02. However, this thesis will be invalidated by a move below the support zone at 35.
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