Cosmos was not yet able to break through the $24.5 barrier, and it might also lose ground to the $20.3 help in the coming sessions. FTX Token and Monero also displayed divergences on different indices, with the former coin also predicted to fall below $250.
Two main points appeared in the Cosmos market after the wider market pullback in late February. The first was a solid support line of $16.7, which avoided a prolonged sell-off on many occasions. The second was at $24.5-resistance, which marked the end of a rally into new highs. Although monthly gains of 8.5 percent did not be insufficient, they were unconvincing as compared to gains of nearly 30 percent in ATOM’s main competitor – Polkadot.
According to the technicals, the ATOM will stay suppressed in the short term as well. The Awesome Oscillator was on the verge of creating a bearish twin top, and the MACD indicated a bearish crossover. A drop below the $20.3-support level could stretch all the way to the line of defence at $18.47.
FTX Token [FTT]
Though FTX Token recovered impressively from $32.2 help, some bearishness was observed after it fell below $41.8. In reality, prior to the most recent pullback, divergences were seen on both the RSI and the Chaikin Money Flow. The CMF has pushed closer to the half-line, and a drop below this level would most likely drag FTT below the $38.7-support level.
In the case of a breakdown from existing prices, new assistance levels of $36.9 and $35 will be prioritised.
On the 4-hour timeline, Monero bulls were effective in catching the area above the $262.67 resistance and converting it to a line of support. The next target was $282.9, which marked the high point of an early-February surge. However, there were some red flags in the industry.
At the time of publishing, the Awesome Oscillator displayed a bearish divergence and even recorded a single red bar. Furthermore, a divergence was observed on the OBV after it developed lower highs. Both of these indicators led to a breakdown in the coming sessions. There was some help around $249-$250, but a more practical goal was $239.05.
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