{"id":122352,"date":"2023-07-14T08:28:55","date_gmt":"2023-07-14T08:28:55","guid":{"rendered":"https:\/\/dripp.zone\/news\/atom-will-the-bears-flip-the-8-98-support-level-crypto-news\/"},"modified":"2023-07-14T08:28:57","modified_gmt":"2023-07-14T08:28:57","slug":"atom-will-the-bears-flip-the-8-98-support-level-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/atom-will-the-bears-flip-the-8-98-support-level-crypto-news\/","title":{"rendered":"ATOM: Will the bears flip the $8.98 support level?\n &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><i data-stringify-type=\"italic\">Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer&#8217;s opinion.<\/i><\/p>\n<ul>\n<li><em>The 11.1% dip took ATOM to a critical $8.98 support level.<\/em><\/li>\n<li><em>A negative funding rate could limit a bullish rebound. <\/em><\/li>\n<\/ul>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/BTC\" data-wpel-link=\"internal\">Bitcoin&#8217;s [BTC]<\/a>  price correction after hitting 2023 high of $31.4k afforded <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/ATOM\" data-wpel-link=\"internal\">atom<\/a> sellers the opportunity to extend the bearish downtrend.  This was despite ATOM having been on a comeback trail with 43.2% gains between 10 June and 3 July.<\/p>\n<hr\/>\n<p style=\"text-align: center;\">read <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/predictions\/cosmos-price-prediction\" data-wpel-link=\"internal\">Cosmos&#8217; [ATOM] Price Prediction<\/a> 2023-24<\/p>\n<hr\/>\n<p>Sellers benefitted from the $10 psychological level serving as a barrier to the bullish advancement.  As of press time, ATOM had reversed a decent portion of its recent gains.  If sellers flip the $8.98 support level, ATOM could see further losses.<\/p>\n<h4><strong>Defense of $8.98 support level vital for bulls<\/strong><\/h4>\n<div id=\"attachment_327335\" style=\"width: 1967px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ATOMUSDT_2023-07-13_12-42-21.png\" data-wpel-link=\"internal\"><noscript><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-327335\" class=\"size-full wp-image-327335\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ATOMUSDT_2023-07-13_12-42-21.png\" alt=\"ATOM price chart on dark background with green and red bars\" width=\"1957\" height=\"1054\" srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ATOMUSDT_2023-07-13_12-42-21.png 1957w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ATOMUSDT_2023-07-13_12-42-21-300x162.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ATOMUSDT_2023-07-13_12-42-21-1024x552.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ATOMUSDT_2023-07-13_12-42-21-768x414.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ATOMUSDT_2023-07-13_12-42-21-1536x827.png 1536w\" sizes=\"auto, (max-width: 1957px) 100vw, 1957px\"\/><\/noscript><\/a><\/p>\n<p id=\"caption-attachment-327335\" class=\"wp-caption-text\">Source: ATOM\/USDT on Trading View<\/p>\n<\/div>\n<p>ATOM&#8217;s bullish rally from the $7.28 support level peaked at the $10 psychological level after making a series of higher lows.  The selling pressure at the $10 price zone took the price down to the $8.98 support.<\/p>\n<p>With the price hovering just above the key support, a successful defense of the level by the bulls could spur another bullish rally.  However, if the level caves to the selling pressure, bears could target the $8 and $7.28 levels.<\/p>\n<p>A look at the on-chart indicators revealed a bearish leaning.  The Relative Strength Index (RSI) remained under the neutral 50 mark and edged towards the oversold zone with a reading of 44. Also, the On Balance Volume (OBV) dipped on 3 July and has been on a steady decline, signaling the decreasing demand. .<\/p>\n<p>Taken together, the market structure and indicators pointed to bears gaining the upper hand in the mid to long term.<\/p>\n<h4><strong>Dipping open interest favors shorts<\/strong><\/h4>\n<div id=\"attachment_327336\" style=\"width: 1811px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ATOM_OI_FR.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-327336\" class=\"size-full wp-image-327336\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" alt=\"\" width=\"1801\" height=\"872\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ATOM_OI_FR.png 1801w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ATOM_OI_FR-300x145.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ATOM_OI_FR-1024x496.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ATOM_OI_FR-768x372.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ATOM_OI_FR-1536x744.png 1536w\" data-lazy-sizes=\"(max-width: 1801px) 100vw, 1801px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ATOM_OI_FR.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-327336\" class=\"size-full wp-image-327336\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ATOM_OI_FR.png\" alt=\"\" width=\"1801\" height=\"872\" srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ATOM_OI_FR.png 1801w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ATOM_OI_FR-300x145.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ATOM_OI_FR-1024x496.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ATOM_OI_FR-768x372.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ATOM_OI_FR-1536x744.png 1536w\" sizes=\"auto, (max-width: 1801px) 100vw, 1801px\"\/><\/noscript><\/a><\/p>\n<p id=\"caption-attachment-327336\" class=\"wp-caption-text\">Source: Coinalyze<\/p>\n<\/div>\n<p>According to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinalyze.net\/cosmos\/open-interest\/\" data-wpel-link=\"external\">Coinalyze<\/a>, ATOM&#8217;s open interest rates dipped since 10 July.  The OI declined by $6.2 million between July 10 and July 12, denoting shrinking demand in the futures market.  This could limit a bullish rebound for ATOM.<\/p>\n<hr\/>\n<p style=\"text-align: center;\">How much are <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/convert\/1-atom-to-usd\" data-wpel-link=\"internal\">1,10,100 ATOMs worth today<\/a>,<\/p>\n<hr\/>\n<p>Similarly, the funding rate was largely negative with brief positive flashes.  This hinted at decreasing buying pressure.  Together, this portrayed a bearish outlook.  However, shorts should closely monitor BTC&#8217;s price action as a bullish rebound could wreck sellers.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer&#8217;s opinion. The 11.1% dip took ATOM to a critical $8.98 support level. A negative funding rate could limit a bullish rebound. Bitcoin&#8217;s [BTC] price correction after hitting 2023 high of $31.4k afforded atom sellers the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":122353,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-122352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/122352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=122352"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/122352\/revisions"}],"predecessor-version":[{"id":122354,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/122352\/revisions\/122354"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/122353"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=122352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=122352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=122352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}