Cosmos (ATOM) Price Stuck Below Resistance at $7, Facing Downside Pressure
The price of Cosmos (ATOM) is currently facing resistance at $7, which is preventing it from moving higher. This has resulted in downside pressure on the cryptocurrency. As of now, the price is struggling to break through this resistance level and is trading below it.
XDC Continues to Bleed Lower, Down 8.42% So Far in October
XDC, another cryptocurrency, is experiencing a continuous decline in its price. It has fallen by 0.83% today and is currently trading around $0.04874. This downward trend has been ongoing for the past month, with XDC down by 8.42% in October.
Near-Term Outlook for XDC Price
From a technical standpoint, the near-term outlook for XDC remains bearish. The 20-day exponential moving average (EMA) is at $0.05040, while the 50-day EMA is at $0.05206. With XDC trading below both moving averages and the EMAs showing a bearish formation, further downside can be expected.
RSI Indicator and MACD Histogram
The relative strength index (RSI) indicator currently sits at 41.54, indicating negative momentum and limited upside potential. The moving average convergence divergence (MACD) histogram shows a decrease from the previous day’s level, confirming the building downside trajectory for XDC.
Key Levels and Support
Previous long-term support levels between $0.05003 and $0.05048 have now turned into resistance for XDC. The 20-day and 100-day EMAs also act as resistance. On the downside, initial support is found between $0.04319 and $0.04558, with additional support at the Fib 0.236 level of $0.04455. However, if XDC fails to hold these levels, a test of the swing low at $0.03667 could be possible.
Hot Take: XDC Struggles Below Resistance, Bears in Control
XDC continues to face selling pressure and is struggling to break above key resistance levels. With the technical indicators pointing towards further downside, it is advisable to remain cautious and take advantage of oversold bounces until there is a clear reversal in the price action.
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