Cosmos Rises 1.06% to $8.95 - Key Analysis for ATOM Traders
Cosmos' ATOM token has seen a slight 1.06% price increase over the past 24 hours to trade at $8.95. Trading volume came in at $51.49 million for the day. Over the past week, ATOM has declined 5.76% but is down just 4.38% for the month. However, the 6-month return shows a more significant drop of 33.88% as the broader crypto market remains under pressure.
Summarizing the key metrics, ATOM appears to have found some support around the $8.50 - $9.00 level after sharp declines in May and June. Trading activity has stabilized as well, suggesting consolidation is occurring before the next major move.
Should You Buy Cosmos Now?
For long-term crypto investors, Cosmos remains appealing for its interoperability focus and strong developer community. Dollar cost averaging could make sense at current levels. However, with the intermediate trend still negative, traders may want to wait for a sustained break above resistance near $10 before entering fresh bullish positions.
What's the Future Outlook for ATOM?
Given the multi-month downtrend, the path of least resistance for Cosmos remains to the downside in the near-term. A drop back towards the 2022 lows around $6 is possible if bearish sentiment persists. However, if the crypto market can establish a bottom, ATOM could regain the $12 - $15 zone later this year. But patience is warranted until more definitive bottoming signs appear.
