Cardano, Phantom and Cosmos: 2 Analysts Share Next!

With the markets moving sideways, investors are wondering what’s next for multiple altcoins that are falling 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% in the last two weeks and 24% in the last month. As also reported, ADA failed to gain momentum despite the Vasil update. 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 seems to be on the downside right now.

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 multisold zone in a one-to-one form, which indicates that the majority of traders are riding on the selling wave on the bears side. According to the analyst, this gloomy market sentiment will of course hinder Cardano’s chances of recovery.

Current macroeconomic factors are also dragging crypto along with the rest of finance. The bears are also challenging the lower Bollinger band by exerting valuable bearish pressure on the coin. The 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). The Phantom (FTM) price has had a rough time lately as it has shown no signs of a price jump. 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. However, the price was met with further rejections to its weekly low after a short period of time. It is currently changing hands at $0.20.

The price is currently facing resistance from rising, according to the analyst. However, a drop in price risks signaling more panic for the FTM price. This leads to more sales for their owners. According to the analyst, for FTM to have higher opportunities, it needs to break this downtrend. If the price continues in this state, we could see the $0.15 zone being tested again. Analyst points to $0.25 weekly resistance for Phantom. Weekly boost is around 0.15.

Is the Cosmos in danger?

Finally, analyst Christian Encila analyzes Cosmos (ATOM). As we reported, on October 13th, Ethan Buchman, co-founder of the Cosmos ecosystem, uncovered a valuable vulnerability that affects all Cosmos chains that use IBC, regardless of the version of IBC they are using. News of the potential threat took a toll on the ATOM price. Currently, ATOM is changing hands at $11.57. Although it is assumed to jump up to $13.31 in the next five days, the overall perception for the asset remains bearish, according to Coincodex.

The crypto information provider even said that 25 out of 28 technical analysis indicators for ATOM are showing bearish signals. As for the Anxiety and Greed Index, the crypto scored 24, indicating extreme anxiety. Also, Coincodex said that right now is a bad time to buy the asset. There are various analyzes for the detected threat and time will tell whether this will fix the setbacks regarding the ATOM price.

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