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ATOM price action is losing its grip above $10

  • Cosmos price slips below the low of Wednesday.
  • ATOM nears the Monday low near $9.50.
  • The risk is a further decline to test the low at $9.30 and mark a new low for November.

Cosmos (ATOM) price is still seeing the ripple effects and spillover challenges that are still flowing out of the FTX exchange that was declared dead last week. As traders were eager to buy the dip on the back of that event, it was maybe a bit too eager and naive to think that FTX would be that well contained as it becomes clear that more corpses are falling out of the closet. With big names such as the Winkelvoss twins making negative headlines, it has become clear that more shocks are to follow.

ATOM price set to slip below $10 firmly

Cosmos price action had markets believing last week that it could easily put behind the FTX fall and lure traders into buying the dip quite rapidly without rethinking the possible fallout of the event. Although the FTX fallout occurred over a week ago, this time a crypto broker is raising questions as it halts withdrawals and payouts on its platform. The company Genesis holds close ties with its backer Gemini, which the Winklevoss twins back.

ATOM price looks set to take a step lower as the whole crypto space is on the back foot, certainly now with the twins being in the crosshairs after they were seen as the most stable and responsible power in cryptocurrencies. Instead, the recoveries from last week are nearly evaporated and could translate for Cosmos price to a return to $9.33. Flirting with the monthly S2 and the new low for November, a break could see $7.82 in a nosedive move.

ATOM/USD daily chart

Moving to the upside would or could come from positive signals or comments from a few key cryptocurrency members that signal support for the sector. As Binance did by acting as a lender of last resort, some more “central bank” comments from key people in the sector would help calm the sector. The time could even be right to create a crypto central bank that acts as a haven in times of woe.

Meanwhile, such elements could trigger a short turnaround and stabilize the price. ATOM price would jump back toward $11.50, challenging the 200-day Simple Moving Average(SMA) for a break above. The next target would be $12.50 at the 55-day SMA, bearing nearly 25% gains.

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