With the markets flat, investors are wondering what’s next for most altcoins that have dropped on a weekly basis. In this article, we will talk about the expectations of two analysts regarding Cardano (ADA), Phantom (FTM) and Cosmos (ATOM). Here are the details…
Cardano (ADA) fell 15 percent in two weeks
Cryptocurrency investors have been following Cardano closely lately. A Reddit user noted that the current rate of price change is at its slowest level since January 2021. Cardano’s value has dropped 15 percent in the last two weeks and 24 percent last month. As we reported on Kriptokoin.com, despite the Vasil update, ADA failed to gain momentum. Currently, ADA is trading at $0.3673. According to analyst Christian Encila, token indicators are very pessimistic. According to the bull-bear strength indicator, the market is currently on the downside.
However, the lows of Chaikin’s money flow index are in line with March lows. This brings ADA closer to the bullish and bearish barrier. The RSI is also in the oversold territory, which indicates that the majority of traders are riding in the selling wave on the bears side. According to the analyst, this gloomy market sentiment will undoubtedly hinder Cardano’s chances of recovery.
Current macroeconomic factors are also dragging crypto with the rest of the financial industry. The bears are also challenging the lower Bollinger band, putting significant downward pressure on the coin. Current support is located around the 61.80 Fibonacci retracement level at around $0.3535. However, the latest charts suggest that the token could return to the 78.60 Fib level, currently located near $0.3771. The analyst expects further declines next week.
Bear market problem continues in Phantom (FTM)
On the other hand, analyst James Spilotro analyzes Phantom (FTM). Phantom (FTM) price has had a tough time as it has shown no signs of a price jump lately. The crypto market has been intrigued by the US Consumer Price Index (CPI) news. After falling to $0.22, FTM price bounced off of this zone, surging to $0.42. But the price was soon met with further rejections to its weekly low. It is currently changing hands at $0.20.
According to the analyst, the price is currently facing resistance from rising. However, a drop in price risks signaling more panic for the FTM price. This leads to more sales for their owners. For FTM to have higher opportunities, it needs to break this downtrend. If the price continues like this, we could see a retest of the $0.15 zone. Analyst points to $0.25 weekly resistance for Phantom. Weekly support is at 0.15 levels.
Is the Cosmos in danger?
Finally, analyst Christian Encila analyzes Cosmos (ATOM). As we reported as Kriptokoin.com, on October 13, the co-founder of the Cosmos ecosystem, Ethan Buchman, uncovered an important security vulnerability that affects all Cosmos chains that use IBC, regardless of the IBC version they use. News of the potential threat hurt ATOM price. Currently, ATOM is changing hands at $11.57. Although it is predicted to bounce as high as $13.31 in the next five days, the overall perception for the asset remains bearish, according to Coincodex.
The crypto data provider even said that 25 out of 28 technical analysis indicators for ATOM are showing bearish signals. As for the Fear and Greed Index, the crypto scored 24, indicating extreme fear. Also, Coincodex said that now is a bad time to buy the asset. There are various solutions for the detected threat, and time will tell whether this will eliminate the negativities regarding the ATOM price.
49789
