traded below the $30.8k mark, marking the threat of bears taking control of the market at any moment. Yet, the bulls were not out of the picture either.The recent higher low at $9.34 was broken on 5 July, highlighted by the green line. Although this signified a bearish market structure break, it was an aggressive reading of the Cosmos market. The $9.1-$9.4 has been a region of intense resistance since 21 June and was only recently flipped to support.
The RSI dropped below neutral 50 to signify a shift in momentum toward the ATOM sellers. The OBV also saw a pullback but retained its uptrend from 12 June. Everything put together, it was uncertain that the bears could seize control. However, with BTC below the $31k mark, a price move above $10 could be difficult in the coming days.
While ATOM bulls can look to buy the asset, they must be aware that the market sentiment could go either way. Neither bulls nor bears were dominant in the short-term but the bulls have the edge. A drop below $9.1 would indicate ATOM traders can look for short positions instead. The $10.2-$10.6 represented a bearish order block on the 1-day timeframe. Hence, swing traders can look to book profits here, and buy upon a move above $10.6.
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