![Cosmos [ATOM] short traders stand to gain if BTC plies at this level](https://i.headtopics.com/images/2023/1/7/cryptoamb/cosmos-atom-short-traders-stand-to-gain-if-btc-pli-cosmos-atom-short-traders-stand-to-gain-if-btc-pli-1611619896210644995.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion ATOM was in a price correction that could extend to $9.661. A move beyond $10.221 would invalidate the bearish forecast. Cosmos [ATOM] rallied from mid-December 2022 to early January 2023, rising from $8.5 to […]
, turned bearish, forcing most of the altcoins into a correction. ATOM dropped below $10.038 soon after BTC fell below $16.81k.
Moreover, On Balance Volume dipped, reinforcing the drop in trading volumes and limiting buying pressure. Therefore, the conditions were ripe for the price reversal that followed. However, the correction could extend, given the dip in the OBV. However, a breakout above $10.221 would invalidate the above bearish bias, especially if BTC remains bullish. Therefore, investors should monitor BTC movements and any RSI rejection, especially at the midpoint of 50 units.According to Santiment, ATOM’s development activity dipped by the end of December 2022, bottoming out on 31 December. However, it has increased gradually since 1 January, boosting investors’ confidence, as evidenced by improved sentiment in the same period.
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