Cosmos gave up all of its 2023 features and a few extra
The $15 degree acts as a pivotal one
The bias stays bearish whereas buying and selling under resistance
Many cryptocurrency buyers had been thrilled to see Bitcoin and most cryptocurrencies rallying at the beginning of 2023. It was alleged to be the beginning of a brand new bullish market.
However some cryptocurrencies, particularly the main ones, maintain onto most of their features. As an illustration, Bitcoin’s worth continues to be comparatively near its 2023 highs.
Nevertheless, this isn’t the case for smaller tasks within the cryptocurrency market. Most of them erased the 2023 features and a few extra.
One instance is Cosmos (ATOM/USD). It met resistance on the $15 space after which misplaced greater than 50% of its worth, erasing all 2023 features and retains diving.
Cosmos chart by TradingView
The every day chart exhibits a bearish image whereas under $15
In 2021, Cosmos reached $45. It failed on the degree twice, placing a double prime sample that marked its traditionally excessive ranges.
That was the primary bearish signal pointing to what was about to observe.
Subsequent, the market shaped a reversal triangle. When it seems on the prime of a bullish development, it implies {that a} complicated correction might need ended. More often than not, such corrections are absolutely retraced. Therefore, the break under $25 within the first half of 2022 shouldn’t have shocked anybody.
Lastly, the newest worth motion will not be encouraging both. The fixed failure at $15, which proves to be robust resistance, retains a bearish bias on Cosmos. Solely a every day shut above would shift the bias from bearish to bullish.
