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Cosmos fell 45% over the past two weeks.
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The price found support at the $26 level.
Cosmos (ATOM/USD) is a project designed to address some of the biggest challenges facing blockchain technology. It aims to reduce the negative impacts associated with many blockchains, including environmental damage, high energy consumption and longer processing times for transactions and data transfer.
On January 17, 2022, Cosmos traded at around $44.40 and was one of the best-performing crypto assets of 2021. At the start of 2021, Cosmos traded between $4 and $5 and climbed to a peak near $44 by year-end, delivering more than 1,000% returns for the year.
Despite those exceptional gains in 2021, markets have erased over 45% of this coin’s value in less than two weeks.
Source – TradingView
Using pivot point analysis, markets opened today around the S1 support level ($26), well below the weekly pivot point (P) at $30.50 — the level many traders consider a fair weekly price. When the market opens that far from pivot, prices often return quickly toward the equilibrium before the primary weekly trend reasserts itself. Cosmos is trading above the 9- and 21-day moving averages, which signals significant bullish momentum in the short term.
The current market price is $28.27, and the weekly central pivot also provides notable support, helping the asset withstand the recent bearish pressure seen over the last two weeks.
Where to next for this coin?
If the price holds above the $26 support, we could see medium-term bullish pressure push prices back toward the weekly equilibrium at roughly $30–$31. However, many markets remain uncertain about the longer-term direction. Broad market dynamics are still affected by interest-rate risks from major central banks, which could change how financial markets have operated over the past three years.
Investors should monitor key support and resistance levels, moving average behavior, and macroeconomic developments to gauge whether the recent sell-off represents a temporary correction or the start of a deeper trend change.