Nexo

We’re Giving out 10 BTC in Rewards until the Bitcoin Halving

Learn More
Home » Markets » Markets Test Supports While Cosmos Bucks the Trend

Markets Test Supports While Cosmos Bucks the Trend

by

Downward pulls starting to gain power.

Bitcoin Price analysis trading

Share this article

Little changed in the cryptocurrency market since Wednesday, though a number of top cryptocurrencies briefly tested below under critical technical support level.

Bitcoin moved toward the psychological $7,000 level as a bearish triangle breakout continues to weigh on the BTC/USD pair’s short-term technicals. It posted a short recovery since.

Litecoin moved within touching distance of the November 24th price low, while Ethereum probed towards the $142.00 level and traded around 4.5 percent lower on a monthly basis.

Cosmos is outperforming the broader cryptocurrency market alongside Tezos, with the ATOM/USD pair adding around eight percent to its value.

The total cryptocurrency market capitalization is currently $190 billion as measured by TradingView, a loss of $12 billion since Monday.

Cosmos

Cosmos is currently undergoing a minor technical pullback after staging a rally towards the $4.00 level. The ATOM/USD pair’s ability to withstand the recent crypto bear market is certainly impressive.

The price is currently anchored around the ATOM/USD pair’s 200-day moving average, with the cryptocurrency retaining a bullish short and medium-term outlook.

According to trendline analysis, a breakout above the $4.10 level could propel the ATOM/USD pair significantly higher. The new medium-term price range for Cosmos could extend towards $5.00 to $8.00.

Cosmos Price surge
ATOM/USD Daily Chart by TradingView

Total Market Capitalization

The chart of the total market capitalization on the lower time frames shows that a bearish head and shoulders pattern breakout is nearing.

A decline below the $187 billion level could trigger the pattern and cause a wave of cryptocurrency selling. The $180 to $175 billion level is the likely downside objective. 

A rally above the $205 billion level is currently needed to negate the bearish pattern.

Crypto Market bearish trend
Crypto Total Market Cap Daily Chart by TradingView

Overall Sentiment

According to the latest data from The TIE, sentiment toward the cryptocurrency market is neutral at 50 percent.

Ethereum has the strongest sentiment among the top 10 at 73 percent. Meanwhile, EOS has the weakest at 44 percent.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.