What to expect as ATOM dips under $9

Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.

• The important $8.98 help degree broke after intense promoting strain.
• Longs bore the brunt with $277.96k price of liquidation.

The bearish shelling of the $8.98 help degree by Cosmos [ATOM] sellers yielded vital outcomes over the previous 24 hours. ATOM’s value had stagnated on the help degree between 24 July and 31 July, with bulls refusing to surrender the extent.

Learn Cosmos’ [ATOM] Worth Prediction 2023-24

Nevertheless, the bearish sentiment out there, led by Bitcoin [BTC] dipping underneath $29k caught up with ATOM. With bears clearing this key degree and ATOM retaining its bearish market construction, additional losses could possibly be looming.

Bulls protection caves in to promoting strain

Supply: ATOM/USDT on Buying and selling View

After ATOM did not progress past the $10 value degree, it confronted waves of promoting strain. Because the promoting strain intensified, bulls put up a week-long protection of the $8.98 help degree. Conversely, a break beneath this key degree may usher in a brand new vista of beneficial properties for sellers.

The Relative Energy Index (RSI) highlighted the energy of the bearish momentum. The RSI remained sub-50 since 22 July and edged nearer to the oversold with a studying of 36, as of press time. Equally, the On Steadiness Quantity (OBV) continued to pattern decrease, hinting at sellers gaining the higher hand.

A glance southward confirmed that bears could possibly be aiming for a June low of $7.2. Nevertheless, the $8 degree stands of their manner, as bulls have rallied from that value zone previously. Secure short-term targets for bears will lie at $8.2 and $8.5.

A bullish rebound for ATOM will likely be extremely depending on Bitcoin reversing a few of its latest losses. Else, sellers will retain the momentum and proceed using the bearish wave.

Longs terribly damage by break in important help degree

Supply: Coinglass

How a lot are 1,10,100 ATOMs price at the moment?

ATOM longs within the futures market suffered horrible losses, as a result of breach of the help degree. Information from Coinglass confirmed that $277.96k price of lengthy positions have been liquidated over the previous 24 hours. This represented 98.4% of the overall liquidations throughout the interval.

Shorts rapidly seized the initiative to dominate the lengthy/brief ratio with a 52% share of open contracts. Collectively, this bolstered the leverage sellers maintain within the close to time period.

Supply: Coinglass