Assessing the odds of Cosmos entering a bull rally

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Assessing the odds of Cosmos entering a bull rally
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LunarCrush named Cosmos the coin of the day on 7 August 2023. But its price action remained under bears’ influence.

, ATOM was down by over 2.5% in the last seven days. At the time of writing, ATOM was trading at $8.56 with a market capitalization of over $2.9 billion. A look at its daily chart also pointed out a few bullish indicators.

For instance, the Relative Strength Index gained upward momentum and was headed toward the neutral mark. Cosmos’ Chaikin Money Flow also followed a similar increasing trend, suggesting a price uptick.However, nothing can be said with the utmost certainty as the Exponential Moving Average Ribbon continued to be in the bears’ favor.On top of that, investors in the derivatives market were also buying ATOM at the current price. This was evident from its green Binance funding rate.

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