The post ATOM Price Analysis: Cosmos Under Bear Claw Plans Reversal? appeared first on Coinpedia Fintech News
Despite the high anticipations for an Uptober rally, the market has been slower with an increase in overall volatility in the market. In resonance with the market-wide move, the ATOM price fails to rise above the 50-day EMA and continues the downtrend.
With such strong selling pressure available, the ATOM price prediction warns of a prolonged downtrend in the falling channel.
Taking constant rejections from the 50-day EMA, the lower high formations are prominent in the ATOM price chart. With such overhead bearish pressure, the Cosmos prices form a falling channel pattern in the daily chart.
The recent bullish reversal from the support baseline teased a jump to the overhead trendline. However, a double top pattern forming peaks at the declining 50-day Exponential MA leads to an early downfall.
Currently, the ATOM price trades at $6.626 with an intraday move of -1.13%, teas
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