Disclaimer: The knowledge introduced doesn't represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.
- 11.1% dip took ATOM to a vital $8.98 help stage.
- A destructive funding charge might restrict a bullish rebound.
Bitcoin’s [BTC] worth correction after hitting 2023 excessive of $31.4k afforded ATOM sellers the chance to increase the bearish downtrend. This was regardless of ATOM having been on a comeback path with 43.2% positive aspects between 10 June and three July.
Learn Cosmos’ [ATOM] Worth Prediction 2023-24
Sellers benefitted from the $10 psychological stage serving as a barrier to the bullish development. As of press time, ATOM had reversed an honest portion of its current positive aspects. If sellers flip the $8.98 help stage, ATOM might see additional losses.
Protection of $8.98 help stage very important for bulls
![ATOM price chart on dark background with green and red bars](https://statics.ambcrypto.com/wp-content/uploads/2023/07/ATOMUSDT_2023-07-13_12-42-21.png)
Supply: ATOM/USDT on Buying and selling View
ATOM’s bullish rally from the $7.28 help stage peaked on the $10 psychological stage after making a collection of upper lows. The promoting stress on the $10 worth zone took the worth all the way down to the $8.98 help.
With the worth hovering simply above the important thing help, a profitable protection of the extent by bulls might spur one other bullish rally. Nevertheless, if the extent caves to the promoting stress, bears might goal the $8 and $7.28 ranges.
A take a look at the on-chart indicators revealed a bearish leaning. The Relative Power Index (RSI) remained below the impartial 50 mark and edged towards the oversold zone with a studying of 44. Additionally, the On Steadiness Quantity (OBV) dipped on 3 July and has been on a gentle decline, signaling the reducing demand.
Taken collectively, the market construction and indicators pointed to bears gaining the higher hand within the mid to long run.
Dipping Open Curiosity favors shorts
![](https://statics.ambcrypto.com/wp-content/uploads/2023/07/ATOM_OI_FR.png)
Supply: Coinalyze
In accordance with Coinalyze, ATOM’s open rates of interest dipped since 10 July. The OI declined by $6.2 million between 10 July and 12 July, denoting shrinking demand within the futures market. This might restrict a bullish rebound for ATOM.
How a lot are 1,10,100 ATOMs value right this moment?
Equally, the funding charge was largely destructive with temporary constructive flashes. This hinted at reducing shopping for stress. Collectively, this portrayed a bearish outlook. Nevertheless, shorts ought to carefully monitor BTC’s worth motion as a bullish rebound might wreck sellers.