- Dynamics of Cosmos (ATOM) Derivatives Activity
- Outlook for Cosmos (ATOM) Price Action
- Indicators and Their Significance
Despite the overall bearish trend from the second quarter onwards, the ATOM cryptocurrency remains in the top 50 global crypto assets. Recent research indicates a significant increase in Cosmos derivatives activity over the past 24 hours.
Dynamics of Cosmos (ATOM) Derivatives Activity
According to research data, the open interest (OI) for Cosmos increased by 3%, reaching $70.96 million in the last 24 hours. Additionally, derivatives trading volume surged by 6%, amounting to $112.9 million. This suggests a growing bearish interest. Derivatives liquidation data confirmed this trend.
Outlook for Cosmos (ATOM) Price Action
The bearish trend for ATOM began in March 2024 when the price peaked at $14.505, following an ascending wedge formation. Since then, the price has been continuously declining, likely confirming a breakdown of the bearish pattern: the ascending wedge. The current chart structure resembles the formation of a falling wedge, which may indicate a bullish pattern in development.
Indicators and Their Significance
On the daily chart, indicators also depict a bearish trend. However, there has been a minor increase in buying input: the RSI rose above 14-SMA, while MACD still shows bearish dominance. This could suggest a potential future trend reversal.
While the current dynamics show a predominance of the bearish trend for ATOM, further changes in derivatives activity and key support and resistance levels may alter market dynamics.
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