Cosmos ($ATOM) struggles below key moving averages amid bearish momentum

The price of Cosmos ($ATOM) is currently fluctuating around $4.17, showing a modest daily increase of 1.58%. However, it remains below significant moving averages, which indicates that bullish momentum has not yet gained dominance. Despite some recent signs of recovery, the technical indicators are pointing toward continued bearish momentum, emphasizing the prevailing selling pressure in the market.

Analyzing these signals, it's clear that $ATOM is facing resistance at key technical levels, and the overall trend suggests caution. The support level at approximately $4.17 is a crucial point; if the bears maintain control, this support could be tested further, possibly leading to a decline. The inability to convincingly break above key moving averages signals that buyers are still struggling to establish a sustained upward trend.

Market participants should be aware that, despite the slight daily gains, the broader technical landscape is bearish, and any upward correction may be short-lived without confirming bullish signals. Investors interested in $ATOM should closely monitor for a decisive move either above resistance levels or a breakdown below support, which will further clarify the next direction of the price action.