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Tag: ATOM

  • Cosmos Price Analysis: Analyst Says ATOM Has ‘A Great Chart’

    Cosmos Price Analysis: Analyst Says ATOM Has ‘A Great Chart’

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    Cosmos is presently held between a rock and a hard place in the market, according to crypto analyst Alan Santana. To him, this is a very opportunistic time for long-term investors, most especially those with a bullish outlook.

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    He feels that ATOM is currently trading at quite a remarkable discount from the highs posted, hence positioning itself for a very compelling risk-reward entry. According to Santana, Cosmos has “a great chart” because the coin is trading very low compared to historical prices.

    Cosmos: Accumulation Phase and Risks

    Santana emphasized that Cosmos was in its critical phase of accumulation. On the other hand, ATOM has historically formed higher long-term lows, which could be a technical indicator setting a stage for future gains.

    However, accumulation comes with risks. The key level to watch would be $1.923, a low from March 2020. Should the price of ATOM go below this threshold, it would somewhat undermine the bullish narrative Santana presents.

    Such a decline could be interpreted as a shift in market sentiment and would result in weaker performance compared with other cryptocurrencies.

    ATOM market cap currently at $1.76 billion. Chart: TradingView.com

    Another pressure on ATOM comes from insider selling. As soon as the developers, miners, or exchanges begin to sell their holdings en masse, that usually becomes a red flag indicator of problems within the project or, at the very least, a lack of belief in its further perspective.

    This might be why, in particular, Cosmos can’t hold up that well compared to other altcoins, which have been able to stay above their June 2022 lows.

    Bearish Forecast And Market Sentiment

    Although Santana’s sentiment is slightly overly hopeful, the market sentiment is overwhelmingly bearish. According to CoinCodex’s most recent prediction, Cosmos will lose 8.56% and its price will fall even further to $4.13 by September 15, 2024.

    All technical indicators in this forecast are bearish. The Fear & Greed Index has finally reached 27, showing much fear in the market. For Cosmos, there have been nine green days during the last 30 days—out of a possible total of 30.

    Source: CoinCodex

    This translates into a positive return rate of 30%. Its current price volatility is at 11.64%, indicating a highly uncertain and risky time frame.

    Well, considering the current state of the market, it may not be an ideal time to invest in Cosmos. Based on the factors mentioned above, namely the price drop forecast and the current sense of fear in the market, it would seem that caution is due.

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    Weighing The Risks and Rewards

    Although Santana’s analysis shows that this could actually be beneficial for future gain, the outlook immediately is not so promising. The factors therefore have to be taken into consideration by the investor prior to buying.

    Cosmos is a high-risk, high-reward scenario. The current low price and previous higher lows could yield huge rewards for long-term investors who can handle the storm. However, adverse mood, insider selling, and price decrease expectations are risks.

    Featured image from Zipmex, chart from TradingView

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    Christian Encila

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  • Santander moves CIB to Google Cloud | Bank Automation News

    Santander moves CIB to Google Cloud | Bank Automation News

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    Santander Bank has successfully moved its corporate investment banking business to the cloud as part of its effort to migrate all of its operations.  The $1.9 trillion, Madrid-based bank created its cloud-native digital banking platform, Gravity, last year on Google Cloud’s platform, and plans to move more operations to the platform next year, a Santander […]

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    Vaidik Trivedi

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  • Top Altcoins Poised To Make Waves This Week: Crypto Analyst

    Top Altcoins Poised To Make Waves This Week: Crypto Analyst

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    Miles Deutscher, a crypto analyst, recently shared insights on altcoins that are catching his attention for the upcoming week. In a post on X, he starts by noting the market’s recent cool-off, suggesting this phase is creating new opportunities for savvy investors. Deutscher also emphasizes the importance of staying informed and ready to capitalize on these shifts.

    Top Altcoins To Watch This Week

    Injective (INJ)

    According to Deutscher, Injective (INJ) is experiencing a lull in hype, but this should not undermine its strong performance throughout the year. He believes that if the bullish momentum continues, INJ could reach its local highs in the $19’s. “Monitoring closely, as it runs hard when it runs,” Deutscher states, highlighting the potential for rapid gains.

    At press time, INJ was trading at $15.88 after being rejected at the 0.618 Fibonacci retracement level of $17.13.

    INJ price hovers between the 0.5 and 0.618 Fib, 1-week chart | Source: INJUSD on TradingView.com

    Pyth Network (PYTH)

    Deutscher points out that PYTH is in an interesting position with attributes favored by the market: it’s a new, shiny coin with a low float and perpetual contracts. However, competition from other Solana tokens, like Jupiter and JITO, may temporarily divert attention. For those already holding PYTH, Deutscher advises to hold but not to add more unless the price drops.

    SuperFarm (SUPER)

    SUPER is part of the trending gaming narrative and has been gaining attention from significant creators and influencers. Despite its volatile funding, Deutscher sees potential for a FOMO-driven price increase. “It could be one of those ‘it’s already up too much, I’m not buying’ plays,” he speculates, suggesting that late buyers might drive the price even higher.

    Cosmos (ATOM)

    The recent approval of the ATOM Halving proposal is a significant development for Cosmos. This change will halve the maximum inflation rate from 20% to 10%, potentially impacting ATOM’s price action (PA). Deutscher is watching this closely for signs of a developing trend.

    dYdX (DYDX)

    The unlocking of $524 million worth of DYDX on November 28th is a crucial event, especially since these tokens will be released on the DYDX chain, not supported by centralized exchanges (CEXs). Deutscher anticipates a complex interplay of market psychology around this event. “Watching to see if the head and shoulders pattern continues to play out,” he comments, suggesting possible price movements following the unlock.

    Solana (SOL) And BONK

    SOL’s struggle to break past $58 is noted by Deutscher, placing it in a “no trade zone” for now. However, a breakthrough could lead to significant gains. BONK, a Solana-based meme coin, is also on his radar due to its higher volatility and correlation with Solana’s movements.

    Solana price
    SOL price fell below the 0.382 Fib, 1-week chart | Source: SOLUSD on TradingView.com

    Vertex (VRTX)

    Finally, Deutscher highlights the significant volume increase on Vertex, surpassing DYDX and Uniswap. Despite suspicions of wash trading due to low open interest (OI) compared to volume, he sees potential in Vertex and perceives a resurgence in the popularity of perpetual decentralized exchanges (DEXs).

    Featured image from iStock, chart from TradingView.com

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    Jake Simmons

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