Cosmos price analysis: Cosmos is bearish for the next 24 hours

TL;DR Breakdown

• Cosmos price analysis is bearish today.
• ATOM/USD retraces from $42 today.
• Closest support at $36.

Cosmos Price Prediction: General price overview

Today’s Cosmos price analysis is bearish because a lower high was established yesterday as bulls could not maintain the momentum. As a result, we expect ATOM/USD to retreat and attempt $36 support again.

The hourly chart for ATOM/USD shows that the downtrend has been reignited, and we expect it to continue in today’s price analysis. We look to sell in the trend direction and target $36 support as this is the case. This near-term bearish outlook will be invalidated if we see a reversal pattern today; we will re-evaluate the situation and adjust our targets.

A lower high has been established at $42, and we expect ATOM/USD to retrace. This is our current Cosmos price analysis. Support is seen at $36.

The daily chart for ATOM/USD shows that the price is under considerable pressure. We look to sell in the trend direction and aim for $36 support as this is the case. We will likely see a relief rally, but this should be short-lived as lower prices are expected following this retracement.

The cryptocurrency heatmap is bearish for today. The largest digital asset BTC is trading negatively. Most coins have recorded significant price dips. Despite most coin trading bearishly, Solana is bullish, and it has posted a 2%percent price surge.

ATOM/USD 4-hour chart: ATOM set to retrace today?

On the 4-hour chart, we see the Cosmos price action declining today as bears lacked the momentum to push above $42. As this is the case, we expect Cosmo’s price to retrace back to $36.

ATOM/USD 4-hour chart. Source: TradingView

ATOM/USD’s 4-hour chart shows that $36 has provided significant support, and we expect bulls to defend this level as it was previously seen as resistance. As a result, the bulls look at the daily support and target $45 resistance if this level is broken.

This is a look at our most recent Cosmos price analysis. We believe support may be found at $36, where ATOM/USD has previously traded. Today, we anticipate that the bears will lack the push to send prices lower.

On the 20th of September, a new swing high was established at $44.5 after several days of intense upward pressure. On the other hand, Bulls were exhausted, and a reversal of 35% occurred to the $29 mark.

ATOM/USD is attempting to retest last week’s significant swing high once again. Any further rise was thwarted, resulting in consolidation above $36 support and a modest retrace today.

Cosmos Price Prediction: Conclusion 

The $42 level was rejected further upside overnight, and the market has declined so far today, making cosmos price analysis bearish. As a result, we anticipate other losses for ATOM/USD soon, with the $36 previous support area to be revisited.

Also, read our price ETH and BTC price predictions.