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Home»Altcoins»ATOM: Will bears reverse the $8.98 support level?
Altcoins

ATOM: Will bears reverse the $8.98 support level?

2023-07-14No Comments2 Mins Read
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Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.

  • An 11.1% dip took ATOM to a critical $8.98 support level.
  • A negative funding rate could limit a bullish recovery.

From Bitcoin [BTC] price correction after reaching the 2023 high of $31.4k provided ATOM sellers with an opportunity to extend the bearish downtrend. This is despite ATOM being on a comeback path between June 10 and July 3 with 43.2% gains.


Read Cosmos’ [ATOM] Price Forecast 2023-24


Sellers took advantage of the $10 psychological level that was a barrier to bullish progress. At the time of writing, ATOM had reversed a fair portion of its recent gains. If sellers reverse the $8.98 support level, ATOM could see further losses.

Defense of $8.98 support level vital for bulls

ATOM price chart on dark background with green and red bars

Source: ATOM/USDT in trade view

ATOM’s bullish rally from the $7.28 support level peaked at the $10 psychological level after a series of higher lows. Selling pressure in the $10 price zone drove the price down to the $8.98 support.

With the price hovering just above the main support, a successful defense of the level by bulls could fuel another bullish rally. However, if the level subsides before the selling pressure, bears could target the $8 and $7.28 levels.

A look at the chart’s indicators revealed a bearish tendency. The Relative Strength Index (RSI) remained below the neutral limit of 50 and moved into the oversold zone with a reading of 44. On Balance Volume (OBV) also fell on July 3 and has been steadily declining, indicating declining demand.

See also  Solana (SOL) Price Poised for a 50% Rise: Here's Why

All things considered, the market structure and indicators indicated that bears would gain the upper hand in the medium to long term.

Dipping Open Interest prefers shorts

Source: Coinalyse

According to Coin analysis, ATOM open interest rates have fallen since July 10. OI fell by $6.2 million between July 10 and July 12, indicating shrinking demand in the futures market. This could limit a bullish rebound for ATOM.


How much are 1,10,100 Atoms worth today?


Likewise, the funding rate was largely negative with brief positive flashes. This indicated diminishing buying pressure. Together, this formed a bearish outlook. However, shorts should keep a close eye on BTC’s price action as a bullish rebound could devastate sellers.

Source link

ATOM Bears level reverse Support
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