Like all altcoins, ATOM price fell as $550 million of BTC, ETH and altcoin positions were liquidated last week, which is exactly why its 35% rebound is raising eyebrows.
As a market crash takes place, assets become oversold and typically there’s an “oversold bounce,” “return to mean,” “mean reversion,” or some price snapback to the bottom of the pre-crash range.
Afterward, the asset under study either consolidates, continues the downtrend, or returns to the bullish uptrend if the downside catalyst was not significant enough to break the market structure. That’s all basic trading 101.
This week Cosmos (ATOM) price appears to be following this path, and the altcoin is showing a bit of strength with a 35% gain since Aug. 22. But why?
#blockchain #nonfungible #gamefi #metafi #defi #playtoearn #atom
As a market crash takes place, assets become oversold and typically there’s an “oversold bounce,” “return to mean,” “mean reversion,” or some price snapback to the bottom of the pre-crash range.
Afterward, the asset under study either consolidates, continues the downtrend, or returns to the bullish uptrend if the downside catalyst was not significant enough to break the market structure. That’s all basic trading 101.
This week Cosmos (ATOM) price appears to be following this path, and the altcoin is showing a bit of strength with a 35% gain since Aug. 22. But why?
#blockchain #nonfungible #gamefi #metafi #defi #playtoearn #atom