Connect with us

Digital Assets

Cosmos (ATOM) Facing Another Correction, Drops by Over 9% in 24h

mm

Published

 on

Securities.io is committed to rigorous editorial standards. We may receive compensation when you click on links to products we review. Please view our affiliate disclosure. Trading involves risk which may result in the loss of capital.

Cosmos price has performed rather well in early 2022 — certainly much better than in late 2021. Throughout last year, the project has been reaching new milestones and then spent months trying to beat each one. For now, the pattern holds, although the token is still struggling with reaching its former ATH for the second time.

Cosmos in 2021

Cosmos (ATOM) started its surge a bit later than most altcoins, only going up in February 2021. However, as soon as it started rallying, it skyrocketed straight up, going from $9 on February 4th to $25 on February 16th. The resistance rejected it to a support at $18, from which it kept launching one surge after another, trying to breach the level at $20. It finally succeeded after several months, on April 13th, and it managed to hit $28 two days later.

Cosmos in 2021

The resistance rejected it right back down to $20, which, in turn, allowed it to bounce back up to $28, and briefly breach this level. The coin made an ATH at $29.44 before the mid-May price crash hit, eventually forcing it down to $8.9.

ATOM joined the market-wide rally around late July, heading up throughout August, and finally reaching the ATH which is still its highest point to this day — $44.7. This was on September 20th, 2021, and it was immediately followed by a correction to $32, a recovery to $42.8, and another correction to $$34.

The coin made another attempt to reach its ATH in late October, but it only managed to reach $43.2 before participating in another massive drop that took it down to $21.21 around mid-December.

ATOM recovers at the turn of the year

The last 10 days of 2021 were quite rich with the development that affected the entire crypto market. As Christmas approached, the crypto prices started a rapid growth, which was cut short just as the holiday arrived. Cosmos itself went from $21 on December 20th to $29.43 on December 24th. Then, it managed to break this resistance after a short period, and go even higher — to $32.5 — while the rest of the market was crashing.

ATOM saw its own correction after that, which forced it back down towards a support at $25, but it managed to stop after reaching $25.7. This was on December 29th, and the lowest point that the coin has seen since. Cosmos’ price surged after that, ending the year with a value of $32.85.

ATOM recovers at the turn of the year

The surge continued in 2022, allowing ATOM to break several major barriers, and got quite close to its ATH. Cosmos hit $43.44 by January 4th, which was followed by a correction to $35.68. The coin then recovered to $43.64, only to drop to the support at $35 again by January 9th.

The week that followed was marked by Cosmos’ struggle to break the resistance at $40 and go back to $42.5 and beyond, which the coin managed to do on late January 15th and early 16th. Unfortunately, the resistance was still too strong, and ATOM failed to fully break it and reach its old ATH yet again.

Its price was rejected yet again, and it crashed to $38.35, which is where we find it right now, at the time of writing, after a 9.28% drop in the last 24 hours. Now, Cosmos has a support at $37.5 to soften its drop, and if that one gives in, the coin will likely sink back to $35 before trying to surge again.

To learn more about this token visit our Investing in Cosmos guide.

Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.

Advertiser Disclosure: Securities.io is committed to rigorous editorial standards to provide our readers with accurate reviews and ratings. We may receive compensation when you click on links to products we reviewed.

ESMA: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Investment advice disclaimer: The information contained on this website is provided for educational purposes, and does not constitute investment advice.

Trading Risk Disclaimer: There is a very high degree of risk involved in trading securities. Trading in any type of financial product including forex, CFDs, stocks, and cryptocurrencies.

This risk is higher with Cryptocurrencies due to markets being decentralized and non-regulated. You should be aware that you may lose a significant portion of your portfolio.

Securities.io is not a registered broker, analyst, or investment advisor.