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ATOM has been in bullish momentum since June
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The token has been getting boosts from the expected ATOM 2.0
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ATOM formed a double top and is correcting but maintains an uptrend
Cosmos ATOM/USD trades 2.93% lower in the last 7 days as of press time. A bearish MACD crossover confirms a bearish market. The token has, however, recovered 4.83% in 24 hours. Should this send shivers that ATOM is now bearish?
ATOM seemed to lose a bullish surge after getting rejected at $16 twice. That resulted in the formation of a double top. Nonetheless, it should be remembered that the token has been bullish since a low of below $6 in mid-June. The cryptocurrency trades at more than double price at $14.4 from the bottom price.
ATOM’s strengths emanate from the Cosmoverse conference, which starts on September 26 to 28. This is when fans will have a chance to get the details of the much-speculated ATOM 2.0. In the past, ATOM has been criticized due to its inflationary features. ATOM’s inflation depends on the token’s staking percentages. ATOM 2.0 is expected to address the inflation through a hard cap on the supply or burning mechanism.
ATOM corrects to the $13 minor support
Kraken
Kraken is a San Francisco-based cryptocurrency exchange that allows users to trade various digital currencies. With a strong emphasis on security, Kraken employs cold storage for most funds and offers two-factor authentication (2FA). Its user-friendly interface provides real-time charts and order books, making it suitable for both beginners and experienced traders. Kraken also complies with regulatory requirements in the jurisdictions where it operates.
Uphold
Uphold is a global digital money platform that offers financial services. It deals with 250+ currencies (both traditional and crypto) and commodities, facilitating more than US$4 billion in transactions. Uphold’s vision is to create a future where everyone has access to safe, transparent, fair, and affordable financial services
Source – TradingView
On the technical front, ATOM is trading slightly above minor support of $14. The latest correction pushed the token below the 20-day MA. However, the token keeps the 50-day MA intact, coinciding with an ascending trendline.
The MACD indicator shows a bearish crossover in line with ATOM correction. At the current level, the upside looks subdued by a weak momentum. However, the bulls are defending the $13 level.
Concluding thoughts
The Cosmoverse event will be highly watched as it could determine whether ATOM will remain bullish. Still, at the current level, we cannot consider ATOM’s bull run over since it remains above the ascending trendline. If bears manage to take the token below $13, the next level will be $12.