ATOM rejected at $11.5- Are bulls getting rekt in futures market

• ATOM wiped off its April features, dropping by 15.3%.
• Fluctuating funding charges hinted at wavering demand for ATOM.

ATOM’s market construction has been bearish, since Feb 2023 with worth making a collection of decrease highs on the each day timeframe. 

Regardless of the general bearish construction, ATOM has seen a number of bullish rallies. April noticed ATOM document features of 20%. Nonetheless, BTC’s correction from $30k to $28k noticed these features fade away. The coin dipped from its April excessive by 15.3% and was buying and selling at $10.9, as of press time.

Learn Cosmos’ [ATOM] Worth Prediction 2023-24

ATOM bulls can’t appear to catch a break

Supply: ATOM/USDT on Buying and selling View

ATOM’s newest bullish rally was swiftly rejected on the $11.5 worth space with sellers persevering with to dominate the market. Bulls had focused a breach of the $11.5 degree to flip ATOM’s construction. 

The $10.5 help degree has been an vital zone for bulls. Nonetheless, the four-hour timeframe confirmed that it had been examined thrice between 9 March and 27 April. This may recommend a weakening resolve of bulls at that worth degree. 

All indicators level to sustained bearish momentum. The Parabolic SAR remained above the value. The RSI stayed beneath the impartial 50 briefly coming into the oversold zone. The Superior Oscillator posted a number of pink bars in a row, each above and under the zero mark. 

The short-term transfer may see bears face minimal resistance on the $10.5 degree earlier than persevering with its downward pattern. The goal for bears will likely be $8.5. Nonetheless, this degree is a key worth space for bulls, because it served as robust help for ATOM’s earlier bull run.

Is your portfolio inexperienced? Take a look at the Cosmos [ATOM] Revenue Calculator

Bulls face hurdles within the futures market

Supply: Coinglass

Moreover, information from Coinglass confirmed that patrons continued to expertise important losses. The previous three days have seen $765.54k of longs liquidated. This represented 84.5% of the whole liquidations. 

Supply: Coinalyze

Funding charges have additionally fluctuated, indicating unstable demand within the futures market. The Open Curiosity decline gave sellers a slight benefit, as the value edged towards the help degree.

ATOM’s subsequent transfer will intently align with BTC’s. A restoration for BTC may see new features for ATOM whereas a dip may drive extra lows.