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Cosmos tries to find support at $26 after a 45% drop in two weeks

Cosmos (ATOM/USD) is a project aimed at solving the main challenges facing blockchain technology. Its goal is to eliminate the negative consequences of using blockchains, such as environmental degradation, high energy cost, and increased transaction processing time and data transfer.

On Jan 17, 2022, Cosmos was trading at $44.4 and was one of the best performing crypto assets for 2021. As 2021 started, Cosmos was trading at $4-$5 and peaked at $44 before the year ended. This was more than a 1,000% return.

Of those outstanding gains for 2021, the markets have shed more than 45% of the value of this coin in less than two weeks.

Source – TradingView

Using pivot point analysis, it is clear that the markets opened today around the support level S1 ($26), which is well outside the equilibrium level P ($30.5), where market participants believe is the right price to go. week. In such openings, the price will quickly return to the equilibrium price before the main trend of the week takes control. Cosmos price is also trading above the 9-day and 21-day moving averages, indicating strong upward pressure in the market.

The current market price is $28,270, with the weekly kingpin also offering strong price support, allowing the letters to survive the bearish rage of the past two weeks.

Where is this coin next?

If the price can float above the $26 support, we will see some bullish pressure in the medium-term market to bring the price to equilibrium the week at the $30-$31 mark. they are not yet sure of the long-term direction. The general market is focused on the interest rate risks of the main central banks that can change the behavior of the financial markets during the last three years.

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