Is Cosmos ATOM/USD bull run over?
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ATOM has been on the rise since June
The token has been boosted by the expected ATOM 2.0
ATOM formed a double top and corrects but maintains an uptrend
Cosmos ATOM/USD is trading 2.93% lower over the past 7 days at press time. A bearish MACD crossover confirms a bearish market. However, the token has recovered 4.83% in 24 hours. Should this cause ripples that ATOM is now bearish?
ATOM seemed to lose its bullish momentum after getting rejected at $16 twice. This led to the formation of a double top. Nevertheless, it should be remembered that the token has been on the rise since its low of less than $6 in mid-June. The cryptocurrency is trading more than double from its low of $14.4.
ATOM’s strengths stem from the Cosmoverse conference, which starts on the 26th-28th. September That’s when fans will get a chance to get the details on the much-speculated ATOM 2.0. In the past, ATOM has been criticized for its inflationary properties. ATOM’s inflation depends on the token’s stake percentages. ATOM 2.0 is expected to reduce inflation by hard limiting the input or combustion mechanism.
ATOM corrects minor support at $13
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Source – TradingView
On the technical front, ATOM is trading just above the $14 minor support. The latest correction pushed the token below the 20-day MA. However, the token is holding the 50-day MA intact, coinciding with an uptrend line.
The MACD indicator appears to bear the cross in line with the ATOM correction. At the current level, the rate of increase seems to be slowing down at a weak pace. However, the bulls are defending the $13 level.
The Cosmoverse event will be highly watched as it could determine whether ATOM stays on the rise. However, at the current level, we cannot consider ATOM a bull run as it remains above the rising trend line. If the bears manage to take the mark below $13, the next level will be $12.