Bitcoin
Cosmos attempts to find support at $26 following a drop of 45% in two weeks
Cosmos dropped 45% over the last two weeks. Price found support at the $26 mark. Cosmos is a project that addresses the major challenges in blockchain technology. It seeks to reduce the negative effects of blockchain technology such as high power costs, environmental degradation, increased transaction processing times, and data transfer delays. On January 17th,…
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Cosmos dropped 45% over the last two weeks.
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Price found support at the $26 mark.
Cosmos is a project that addresses the major challenges in blockchain technology. It seeks to reduce the negative effects of blockchain technology such as high power costs, environmental degradation, increased transaction processing times, and data transfer delays.
On January 17th, 2022, Cosmos traded at the $44.4 mark and was one of the best-performing crypto assets for 2021. As 2021 started, Cosmos was trading at $4-$5 and reached a high of $44 before the year ended. This was more than a 1,000% return.
Out of that outstanding gains for 2021, markets have wiped out more than 45% of the value of this coin in less than two weeks.
Source – TradingView
Using pivot points analysis, it is clear that markets today opened around the support level S1 ($26), which is far outside the equilibrium level P ($30.5), where market participants believe is the fair price for the week. During such openings, prices will quickly return to equilibrium before the main trend of the week takes control. Cosmos price is also trading above 9 and 21 days moving average, signaling heavy bullish pressure in the market.
The current market price is $28. 270, and the weekly central pivot also offers some strong support to price, allowing bills to survive the bearish wrath from the last two weeks.
Where next for this coin is it?
If the price can float above $26 support, we might see some bullish pressure come into the market in the medium term to push the price to equilibrium for the week at the $30-$31 mark. The long-term direction of the markets is still unknown for most. The market is dominated by interest rate risks from central banks, which could change the way financial markets have operated over the past three-years.
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