-
Cosmos fell 45% over the past two weeks.
-
The price found support at $26.
Cosmos (ATOM/USD) is a project designed to address major challenges facing blockchain technology. Its goals include mitigating the negative impacts of some blockchains, such as environmental degradation, high electricity costs, and prolonged transaction and data transfer times.
On January 17, 2022, Cosmos traded at $44.40 and was one of the top-performing crypto assets. Earlier in 2021, Cosmos was trading around $4–$5 and climbed to a peak near $44 by year’s end, representing a gain of more than 1,000%. Despite that strong performance in 2021, market conditions erased over 45% of the token’s value in less than two weeks.
Using pivot point analysis, markets opened today around the S1 support level at $26, which sits well below the central pivot P at $30.50—the level market participants consider fair value for the week. With an opening near S1, prices often move back toward the central pivot before the dominant weekly trend asserts control. Additionally, ATOM is trading above the 9- and 21-day moving averages, indicating notable bullish pressure in the short term.
The current market price is $28.27, and the weekly central pivot provides meaningful support that has helped the price withstand the recent bearish pressure over the last two weeks.
What are the prospects ahead?
If the price can hold above the $26 support level, we may see renewed bullish momentum that pushes ATOM back toward the weekly equilibrium around $30–$31. However, many markets remain uncertain about the longer-term direction. Market participants are focused on interest-rate risks from major central banks, which could change the way financial markets have functioned over the past three years.