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Cosmos (ATOM) nullifies the uptrend; Where is the next area of ​​interest for the price?

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  • ATOM price is struggling on higher time frames to trend upwards despite showing bullish sentiment lately.
  • ATOM is trading below uptrend support as price looks bearish with current market condition.
  • ATOM price is targeting a major support as the price is trading below the 50 and 200 day moving average.

Cosmos (ATOM) price is struggling to discover its uptrend as price breaks below uptrend support against the rope (USDT). The previous weeks saw the cryptocurrency market cap looking good as the price of Bitcoin (BTC) and other crypto assets, including Cosmos (ATOM), showed significant strength as the price climbed from $6 to $17. (data from Binance)

Cosmos (ATOM) price analysis on the weekly chart.

Despite showing some significant price movement in recent weeks with many traders and investors interested in the various projects being built on the Cosmos ecosystem, this is, in a way, a huge catalyst for this price movement.

After ATOM dropped to a weekly low of $6, the price rose from this bottom to the high of $17, where the price faced resistance to break above this area to the high of $20.

ATOM price faced a rejection to the low of $12.5, as the price rebounded and rose to the high of $13.5, but was unable to rally as the price remained in the range.

ATOM’s next weekly support is at $12.1, and the price is looking to retest that area; If ATOM fails to hold this area, we could see the price drop as there is no strong weekly support near this area.

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ATOM weekly resistance – $17.

Weekly ATOM price support – $12.1.

ATOM price analysis on the daily chart (1D)

ATOM daily price chart | Source: ATOMUSDT On Tradingview.com

On the daily time frame, ATOM price continues to trade below the main resistance formed by the ascending trend line as the price broke below this trend line, helping ATOM to maintain its ascending structure for the past days it has been heading.

ATOM price showed its strength, as the price continued not to drop the key support level, as this may lead to more sell orders for ATOM holders.

ATOM daily resistance – $13.8.

ATOM daily support – $12.1 – $10.4.

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ATOM . Onchain Analysis

ATOM Onchain Analysis | Source: On messari.io

The price of ATOM from the on-chain analysis looks more favorable despite the decrease of more than 70%. ATOM has produced a reasonable return on investment (ROI) of 64% over the past three months compared to other crypto assets that have struggled over the past months.

Featured Image From zipmex, Charts From Tradingview and Messari

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Cryptocurrency

Nigerian cryptocurrency exchange Quidax cuts its workforce by 20% Bitcoin News

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As it recedes from the effects of what it described as a global economic downturn, Nigerian digital asset exchange Quidax recently said it had laid off employees who made up 20% of its workforce. Despite the layoffs, Quidax reportedly told its clients it was “not going anywhere anytime soon.”

Nothing to do with FTX

Nigerian cryptocurrency exchange, Quidax, has reportedly claimed that the ensuing global economic downturn has forced it to let go of 20% of the “exceptionally talented people” on the platform. The exchange insisted that the layoffs were not related to the turmoil caused by the FTX crash in the cryptocurrency markets and that Quidax itself had “nothing to do with FTX.”

Before the global economic downturn, Quidax, which sponsored Nigeria’s biggest reality TV show Big Brother Naija, had better prospects. according to Report According to Nairametrics, the cryptocurrency exchange has “made many plans and growth forecasts.”

Downtime packages for laid-off workers

However, economic slowdowns in China, the US and the Eurozone mean that growth forecasts must be revised downward, the cryptocurrency exchange said. In explaining its decision to lay off employees, Quidax reportedly said:

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After the economic downturn around the world, we had to make some tough decisions at Quidax. We had to say goodbye to the exceptionally talented 20%. We deeply value our people and it has not been easy to take.

In addition to giving affected employees severance packages, Quidax said it will connect them with a “fintech network of companies and founders.”

Meanwhile, the cryptocurrency exchange is quoted in the report stating that it “isn’t going anywhere anytime soon.” The exchange assured its clients that their funds are not only safe, but also insured.

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Terrence Zemoara

Terence Zemwara is an award-winning Zimbabwean journalist, author and writer. He has written extensively about the economic woes of some African countries as well as how digital currencies can offer Africans an escape route.














Image credits: shutterstock, pixabay, wikicommons

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AAX exec leaves cryptocurrency exchange amid ongoing operational hiatus

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Weeks after AAX began halting its withdrawals, its vice president of global marketing and communications has announced that he has resigned from his position at the cryptocurrency exchange.

In the Twitter thread, Ben Caselin has been confirmed He left the company and highlighted the reasons that prompted him to leave his position on the cryptocurrency exchange. According to Caselin, despite his efforts to fight for the community, the overtures they came up with were not accepted. The CEO described his role in communications as becoming “empty.”

The former CEO of AAX also expressed his disagreement with the way AAX handled the problem. Caslin described the exchange’s actions as “unsympathetic” and “extremely opaque”.

Amidst the moratorium on withdrawal, the former CEO also highlighted that several people, including some of his family members, had asked him for help. However, Caselin writes that there is nothing he can do at the moment and everyone is waiting for action from the exchange.

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Despite the current situation, the former AAX executive believes that matters will be handled without evil intentions, but he notes that the damage has already been done. “The brand is no longer there and trust is broken,” he said Wrote.

Related: Here’s how centralized exchanges aim to win back users after the FTX crash

On November 14, the AAX Stock Exchange Withdrawals have begun Pointing out the need to fix a bug in upgrading his system. The exchange assured its community that halting withdrawals had nothing to do with the ongoing collapse of FTX and said they had no financial exposure to the beleaguered FTX exchange.

Post-advertisement Team AAX highlighted It needs additional capital because its investors decided to withdraw their money from AAX due to the collapse of FTX. The exchange explained that this exposes them to the risk of a capital shortfall, which they must fix before resuming their normal operations.

Cointelegraph has reached out to AAX’s PR team but has not yet received a response.

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