Cosmos - Is it Really Different? Or Is It Headed Back to $8?
Updated
Cosmos (ATOM) seems to be one of the only cryptocurrencies STILL in an uptrend. Does this mean it's "special"?
While I think it's fair to expect some sort of relief rally for the market eventually, I think it's fairly likely ATOM will break down from its uptrend as well, and end up at least back at $20. If it follows what many other coins are doing, it should also head towards $8, which is near Summer lows. This is a pretty significant decline from current prices. Recently, I've heard buzz of people raking in gains through airdrops on Cosmos. It seems a bit euphoric, so I wouldn't be surprised to see this thing tank. The sell volume on the weekly is extremely high. In the short term, if the market gets a relief bounce, ATOM can recover towards the $31-32 area and retest the 9 week EMA as resistance (orange on the above chart).
Let's see what happens! Maybe Cosmos can prove me wrong and hit the top of the long term ascending wedge, making a new all-time high this year. This is meant for speculation and entertainment only, not as financial advice.
-Victor Cobra
While I think it's fair to expect some sort of relief rally for the market eventually, I think it's fairly likely ATOM will break down from its uptrend as well, and end up at least back at $20. If it follows what many other coins are doing, it should also head towards $8, which is near Summer lows. This is a pretty significant decline from current prices. Recently, I've heard buzz of people raking in gains through airdrops on Cosmos. It seems a bit euphoric, so I wouldn't be surprised to see this thing tank. The sell volume on the weekly is extremely high. In the short term, if the market gets a relief bounce, ATOM can recover towards the $31-32 area and retest the 9 week EMA as resistance (orange on the above chart).
Let's see what happens! Maybe Cosmos can prove me wrong and hit the top of the long term ascending wedge, making a new all-time high this year. This is meant for speculation and entertainment only, not as financial advice.
-Victor Cobra
Comment
ATOM has hit the 100 day MA (yellow), and it can perhaps head a little higher towards the 50 day MA, in the $32-33 range. There is still plenty of room for the crypto market to bounce.Comment
Comment
Here we go Comment
There's the trendline break. I think it's fairly likely a number of alts will drop 50-80% in the near future, ATOM being one of them. 
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