After four days of persistent declines, Cosmos Atom stabilises around $11

Cosmos Atom is now trading at $11 after tracing out a steady $10.89 – $11.05 range today.

Cosmos USD formed a session range of $10.89 to $11.05 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $10.95. Cosmos Atom's upper Bollinger Band® is at $11.62, suggesting that a downward move may follow. On the other hand, note that Cosmos Atom made an initial breakout above its 3 day Simple Moving Average at $11.14, a potential indicator of a newly emerging bullish phase. Cosmos Atom is approaching key support, around 15 cents away from $10.85. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

Although price action remains in a stalemate, technical analysis suggests Cosmos Atom could be primed for a break to the downside.

At the same time, mixed performances are seen elsewhere as FTX Token gained 9.54% and is currently trading at $1.36. Having closed the previous session at $0.081, Dogecoin is up 2.13% today to currently trade at around $0.083. Bitcoin Cash is up 1.18%.

Since its 52-week high of $27.3, Cosmos Atom has lost 59.88% over the last twelve months.