Analyst Says ATOM Has ‘A Nice Chart’ – CoinNewsTrend

Analyst Says ATOM Has ‘A Nice Chart’

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Cosmos is presently held between a rock and a tough place out there, based on crypto analyst Alan Santana. To him, it is a very opportunistic time for long-term traders, most particularly these with a bullish outlook.

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

Cosmos: Accumulation Part and Dangers

Santana emphasised that Cosmos was in its vital section of accumulation. Then again, ATOM has traditionally fashioned increased long-term lows, which may very well be a technical indicator setting a stage for future good points.

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 beneath 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 presently 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 normally turns into a purple flag indicator of issues inside the venture or, on the very least, a scarcity of perception in its additional perspective.

This is perhaps why, specifically, Cosmos can’t maintain up that effectively in comparison with different altcoins, which have been in a position to 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 response to CoinCodex’s most up-to-date prediction, Cosmos will lose 8.56% and its worth will fall even additional to $4.13 by September 15, 2024.

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

Supply: CoinCodex

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

Nicely, contemplating the present state of the market, it might not be an excellent time to put money into Cosmos. Primarily based on the elements talked about above, specifically the value drop forecast and the present sense of concern out there, it might appear that warning is due.

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Weighing The Dangers and Rewards

Though Santana’s evaluation exhibits that this might really be useful for future acquire, the outlook instantly just isn’t so promising. The elements subsequently need to be considered by the investor prior to purchasing.

Cosmos is a high-risk, high-reward state of affairs. The present low worth and former increased lows might yield enormous rewards for long-term traders who can deal with the storm. Nonetheless, hostile temper, insider promoting, and worth lower expectations are dangers.

Featured picture from Zipmex, chart from TradingView



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