- Cosmos price analysis is bearish today.
- ATOM/USD retraces from $42 today.
- Closest support at $36.
Cosmos price analysis is bearish today as a lower high was set yesterday as bulls failed to sustain momentum. Therefore, we expect ATOM/USD to retrace and retest $36 support next.
The overall market traded in the green over the last 24 hours. The market leader, Bitcoin is up by 0.84 percent, while Ethereum has declined by 2.62 percent. Meanwhile, Solana (SOL) continues to be among the best performers, with several other altcoins following close by.
Cosmos price movement in the last 24 hours: Cosmos tests $42 again
ATOM/USD traded in a range of $38.24 – $41.65, indicating strong volatility over the last 24 hours. Total trading volume has declined by 17.93 percent and totals $1.38 billion, while the total market cap trades around $8.56 billion, ranking the coin in 20th place overall.
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.
Cosmos price action has traded with a strong bullish momentum this month. After a quick spike lower on the 7th of September, support was found around $18, and the market has moved higher since.
On the 20th of September, a new swing high was set around $44.5 after several days of strong upwards pressure. However, bulls were exhausted, and a reversal of 35 percent followed to the $29 mark.
Late last week, ATOM/USD rallied again and retested the previous major swing high. Any further upside was rejected again, resulting in a consolidation formed above $36 support, leading to the current failed test of $42 resistance and a minor retracement earlier today.
Cosmos Price Analysis: Conclusion
Cosmos price analysis is bearish as the $42 mark rejected further upside overnight, and the market has declined so far today. Therefore, we expect further downside for ATOM/USD, with the $36 previous support likely to be retested again.
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