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ATOM has been in bullish momentum since June
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The token has been getting boosts from the anticipated ATOM 2.0
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ATOM fashioned a double high and is correcting however maintains an uptrend
Cosmos ATOM/USD trades 2.93% decrease within the final 7 days as of press time. A bearish MACD crossover confirms a bearish market. The token has, nonetheless, recovered 4.83% in 24 hours. Ought to this ship shivers that ATOM is now bearish?
ATOM appeared to lose a bullish surge after getting rejected at $16 twice. That resulted within the formation of a double high. Nonetheless, it needs to be remembered that the token has been bullish since a low of under $6 in mid-June. The cryptocurrency trades at greater than double value at $14.4 from the underside value.
ATOM’s strengths emanate from the Cosmoverse convention, which begins on September 26 to twenty-eight. That is when followers could have an opportunity to get the small print of the much-speculated ATOM 2.0. Prior to now, ATOM has been criticized resulting from its inflationary options. ATOM’s inflation depends upon the token’s staking percentages. ATOM 2.0 is predicted to deal with the inflation by means of a tough cap on the provision or burning mechanism.
ATOM corrects to the $13 minor help
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Supply – TradingView
On the technical entrance, ATOM is buying and selling barely above minor help of $14. The newest correction pushed the token under the 20-day MA. Nonetheless, the token retains the 50-day MA intact, coinciding with an ascending trendline.
The MACD indicator reveals a bearish crossover consistent with ATOM correction. On the present stage, the upside seems to be subdued by a weak momentum. Nonetheless, the bulls are defending the $13 stage.
Concluding ideas
The Cosmoverse occasion shall be extremely watched because it may decide whether or not ATOM will stay bullish. Nonetheless, on the present stage, we can’t take into account ATOM’s bull run over because it stays above the ascending trendline. If bears handle to take the token under $13, the subsequent stage shall be $12.
