Previous article Cosmos (ATOM/USD) outlook: bearish while below $15 Next article THE MEME COIN RECKONING HAS COME NEXT 100x PRESALE? Buy Now Buy Now THE MEME COIN RECKONING HAS COME NEXT 100x PRESALE? Buy Now Buy Now Home Latest Cryptocurrency News Cosmos (ATOM/USD) outlook: bearish while below $15 Cosmos (ATOM/USD) outlook: bearish while below $15 By Mircea Vasiu - min read 28 September 2023 Cosmos gave up all of its 2023 gains and some more The $15 level acts as a pivotal one The bias remains bearish while trading below resistance Many cryptocurrency investors were thrilled to see Bitcoin and most cryptocurrencies rallying at the start of 2023. It was supposed to be the start of a new bullish market. But some cryptocurrencies, especially the leading ones, hold onto most of their gains. For instance, Bitcoin’s price is still relatively close to its 2023 highs. However, this is not the case for smaller projects in the cryptocurrency market. Most of them erased the 2023 gains and some more. One example is Cosmos (ATOM/USD). It met resistance at the $15 area and then lost more than 50% of its value, erasing all 2023 gains and keeps diving. Cosmos chart by TradingView The daily chart shows a bearish picture while below $15 In 2021, Cosmos reached $45. It failed at the level twice, putting a double top pattern that marked its historically high levels. That was the first bearish sign pointing to what was about to follow. Next, the market formed a reversal triangle. When it appears at the top of a bullish trend, it implies that a complex correction might have ended. Most of the time, such corrections are fully retraced. Hence, the break below $25 in the first half of 2022 should not have surprised anyone. Finally, the most recent price action is not encouraging either. The constant failure at $15, which proves to be strong resistance, keeps a bearish bias on Cosmos. Only a daily close above would shift the bias from bearish to bullish. Share this article Categories Analysis