Technical Analysis: Cosmos Down 10%, as ANC Extends Recent Gains

Cosmos was 10% little connected Saturday, arsenic the reddish question erstwhile again submerged crypto markets. Despite this, Anchor protocol was again capable to widen gains, climbing by arsenic overmuch arsenic 15% successful the process.

Cosmos (ATOM)

Cosmos (ATOM) was capable to bent connected to the #20 spot successful the crypto apical 100 connected Saturday, contempt falling by treble digits to commencement the weekend.

Today’s autumn successful ATOM/USD comes arsenic prices failed to support a one-month precocious during yesterday’s session, arsenic its absorption level held firm.

Following a failed breakout of this ceiling, which was astatine $33.70, ATOM/USD proceeded to autumn to a debased of $29.71 earlier today.

ATOM/USD – Daily Chart

As of writing, ATOM is trading 8.23% lower, arsenic the 14-day RSI marginally remains neither oversold oregon overbought, and is tracking astatine 51.

This is somewhat bully quality for bulls, who stay optimistic astir a imaginable rebound, with galore inactive hopeful that the $34.00 absorption constituent could beryllium deed successful upcoming sessions.

The caller upward crossover of the 10-day and 25-day moving averages volition apt beryllium 1 of the indicators that spurs them on.

Anchor Protocol (ANC)

Friday’s biggest crypto gainer was besides Saturday’s, arsenic ANC extended its run, cementing a caller grounds precocious successful the process.

Anchor protocol is present up for a 5th consecutive session, with bulls ignoring the existent uncertainty successful the marketplace to propulsion its terms higher.

As of writing, ANC/USD roseate to an intraday precocious of $6.18 during today’s session, which is simply a caller all-time high.

ANC/USD – Daily Chart

This emergence successful terms momentum comes arsenic the 10-day (red) short-term moving mean continues to spell from spot to strength, with nary signs of immoderate slowing down.

However, arsenic we cognize from erstwhile bull runs, what goes up, could yet travel down, and with ANC highly overbought, bears are apt lurking.

Could we spot ANC deed $10 successful the adjacent fewer weeks? Let america cognize your thoughts successful the comments.

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