Cosmos Price Forecast: Bull Run Ahead or Bears Strike Again?
Cosmos Price Forecast: Bull Run Ahead or Bears Strike Again?
Meta Description: Cosmos price has made a strong comeback of nearly 15% in the recent sessions.
Cosmos price made a strong recovery gaining nearly 15% in the recent sessions.
The weighted sentiment curve has reclaimed the bullish territory indicating a further recovery in the price.
The broader markets saw a strong comeback by the bulls this week after a sharp downfall in the previous sessions. Cosmos (ATOM) crypto had already been in a declining trend which widened as the market suffered weakness.
However, the recent sessions saw a strong comeback by the bulls in the broader markets and Cosmos as well. Cosmos price has made a strong comeback of nearly 15% in the recent sessions. At the time of writing, ATOM was exchanging hands close to $5.21 recording a positive development of 2.44% a day.
Despite recovery in the recent sessions, the investors fear another selloff as the long term trend still points to the bearish side. However, a slight change in the on-chain data was noted by the analysts which hints that the recovery may continue to prevail rather than any correction ahead.
Let's understand it in detail and try to figure out the possible trajectory of Cosmos' price from CMP.
Weighted Sentiment Curve Adds Improvement To The Investors Sentiment.
While the broader market is regaining strength, investors are out searching for potential cryptocurrencies that may generate short term returns on their capital. Despite being in a long term bearish trend Cosmos (ATOM) might have the potential to generate impressive returns in the short term as per the analysts.
<iframe title="Santiment Chart: Negative sentiment (Total) (ATOM), Positive sentiment (Total) (ATOM), Weighted sentiment (Total) (ATOM)" width="800" height="425" src="embed.santiment.net/chart?ps=cosmos&pt=ATOM&df=2024-04-23T18:30:01.807Z&dt=2024-07-24T18:29:59.807Z&emcg=1&emhwm=1&wm=sentiment_negative_total;sentiment_positive_total;sentiment_volume_consumed_total&wax=0;1;2&wc=#FF5B5B;#FFCB47;#5275FF&ws={"interval":"1d"};{"interval":"1d"};{"interval":"1d"}" scrolling="no"></iframe>
Source: app.santiment.net
The analysts have noted a significant development in the recent sessions in an important on-chain metrics weighted sentiment. The positive sentiment has grown rapidly in the recent session due to which the weighted sentiment curve has shifted to a positive territory indicating a continuation in the recovery.
The weighted sentiment curve represents the current biasness of the traders and investors whether they are positive or negative and where it is headed at the moment. A positive sentiment is in domination if the weighted sentiment curve hovers above the zero line and vice versa.
Cosmos Price Technical Analysis.
From a technical standpoint, Cosmos' price has headed for a recovery after a sharp crash. At the moment, Cosmos price was lagging below all the key EMAs of 20, 50 and 200 days suggesting a strong bearish trend in the previous sessions.
On the higher side, the most recent hurdle lies near the $5.7 which was the previous support zone now turned to resistance. Also, the $5.7 level is important due to being the golden zone of Fibonacci retracement tools.
As Fibonacci is drawn from the recent swing high of $6.8 to recent swing low of $4 level, the $5.7 level emerges as the 50% zone. The 50% zone of Fibonacci acts as a crucial for a trend continuation as well as a trend reversal.
Now, a bullish reversal may be observed on the charts if the ATOM price manages to breach the $5.7 level and resume further. On the contrary, if the recovery loses steam near the 50% retracement zone, it may emerge as a sell on rise opportunity for the bears and the price may see more downfalls.
At the time of writing, the Relative strength index line has recovered from an oversold zone and was placed at 40.30 points. whereas, the 14 day SMA line was placed close to 34.72 points. Moreover, a bullish crossover between both the lines was observed indicating a price recovery.
Meta Description: Cosmos price has made a strong comeback of nearly 15% in the recent sessions.
Cosmos price made a strong recovery gaining nearly 15% in the recent sessions.
The weighted sentiment curve has reclaimed the bullish territory indicating a further recovery in the price.
The broader markets saw a strong comeback by the bulls this week after a sharp downfall in the previous sessions. Cosmos (ATOM) crypto had already been in a declining trend which widened as the market suffered weakness.
However, the recent sessions saw a strong comeback by the bulls in the broader markets and Cosmos as well. Cosmos price has made a strong comeback of nearly 15% in the recent sessions. At the time of writing, ATOM was exchanging hands close to $5.21 recording a positive development of 2.44% a day.
Despite recovery in the recent sessions, the investors fear another selloff as the long term trend still points to the bearish side. However, a slight change in the on-chain data was noted by the analysts which hints that the recovery may continue to prevail rather than any correction ahead.
Let's understand it in detail and try to figure out the possible trajectory of Cosmos' price from CMP.
Weighted Sentiment Curve Adds Improvement To The Investors Sentiment.
While the broader market is regaining strength, investors are out searching for potential cryptocurrencies that may generate short term returns on their capital. Despite being in a long term bearish trend Cosmos (ATOM) might have the potential to generate impressive returns in the short term as per the analysts.
<iframe title="Santiment Chart: Negative sentiment (Total) (ATOM), Positive sentiment (Total) (ATOM), Weighted sentiment (Total) (ATOM)" width="800" height="425" src="embed.santiment.net/chart?ps=cosmos&pt=ATOM&df=2024-04-23T18:30:01.807Z&dt=2024-07-24T18:29:59.807Z&emcg=1&emhwm=1&wm=sentiment_negative_total;sentiment_positive_total;sentiment_volume_consumed_total&wax=0;1;2&wc=#FF5B5B;#FFCB47;#5275FF&ws={"interval":"1d"};{"interval":"1d"};{"interval":"1d"}" scrolling="no"></iframe>
Source: app.santiment.net
The analysts have noted a significant development in the recent sessions in an important on-chain metrics weighted sentiment. The positive sentiment has grown rapidly in the recent session due to which the weighted sentiment curve has shifted to a positive territory indicating a continuation in the recovery.
The weighted sentiment curve represents the current biasness of the traders and investors whether they are positive or negative and where it is headed at the moment. A positive sentiment is in domination if the weighted sentiment curve hovers above the zero line and vice versa.
Cosmos Price Technical Analysis.
From a technical standpoint, Cosmos' price has headed for a recovery after a sharp crash. At the moment, Cosmos price was lagging below all the key EMAs of 20, 50 and 200 days suggesting a strong bearish trend in the previous sessions.
On the higher side, the most recent hurdle lies near the $5.7 which was the previous support zone now turned to resistance. Also, the $5.7 level is important due to being the golden zone of Fibonacci retracement tools.
As Fibonacci is drawn from the recent swing high of $6.8 to recent swing low of $4 level, the $5.7 level emerges as the 50% zone. The 50% zone of Fibonacci acts as a crucial for a trend continuation as well as a trend reversal.
Now, a bullish reversal may be observed on the charts if the ATOM price manages to breach the $5.7 level and resume further. On the contrary, if the recovery loses steam near the 50% retracement zone, it may emerge as a sell on rise opportunity for the bears and the price may see more downfalls.
At the time of writing, the Relative strength index line has recovered from an oversold zone and was placed at 40.30 points. whereas, the 14 day SMA line was placed close to 34.72 points. Moreover, a bullish crossover between both the lines was observed indicating a price recovery.
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