The cryptocurrency market has been declining over the past 24 hours, and Cosmos (ATOM) has joined the trend, having registered a significant dip during the past 24 hours. The coin started January on an uptrend, unlike the rest of the market, and on January 17, it hit an ATH of $44.45. Since then, it has been on a decline.
Cosmos is trading at $26.58 at the time of writing after a 6.5% dip in 24 hours.
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Cosmos (ATOM) price analysis
ATOM has been on a sharp decline after its peak on January 17. While most coins are still up on a weekly basis, ATOM has dipped by 18.2% in just one week. The downtrend does not seem exhausted, and it could continue if the market support fails to resume.
During the past 24 hours, ATOM dipped to around $25. While it has managed to stay above this level, there is still a chance that a dip below this level could also happen. If the token drops below this level, the next support of $21 will be retested. This level could open up buying support for traders that want to accumulate during the dip.
On the other hand, some gains could be reported if the market recovers. The uptrend currently relies on buying pressure. If ATOM makes an uptrend, the next resistance of $28 could be tested again. From this price, the next target price will be $34.
The Cosmos ecosystem seeks to create an internet of blockchains. The network allows different blockchains to connect and work together to achieve scalability and an open system. Cosmos has bridged with different blockchains, allowing its users to gain access to an interoperable blockchain ecosystem.
Where to buy Cosmos
If you want to buy ATOM during the current dip, you can create a cryptocurrency exchange account on eToro. eToro is a leading cryptocurrency exchange platform, and it supports features such as copy trading, allowing a new trader to copy the trading strategies used by expert traders. Trading fees on eToro are also competitive.
Your capital is at risk.