{"id":29144,"date":"2022-09-15T22:55:37","date_gmt":"2022-09-15T22:55:37","guid":{"rendered":"http:\/\/egrowonline.com\/?p=29144"},"modified":"2022-09-15T22:55:37","modified_gmt":"2022-09-15T22:55:37","slug":"most-of-the-crypto-market-is-down-but-cosmos-atom-price-is-up-why","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=29144","title":{"rendered":"Most of the crypto market is down, but Cosmos (ATOM) price is up \u2014 Why?"},"content":{"rendered":"


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The Ethereum Merge has finally happened. It\u2019s over, and fortunately it went smoothly without any major hiccups. As predicted by many, the event turned out to be a \u201cbuy the rumor sell the news\u201d style event, or perhaps, the hotter-than-expected consumer price index print<\/a> on Sept. 12 was the real catalyst that pushed the market in its current direction.\u00a0<\/p>\n

Regardless of the reasons for this week\u2019s downturn, the Merge is over and in its wake, bulls are left holding a whole lot of nothing. It\u2019s likely that a new bullish narrative will need to emerge, or analysts will need to keep a close eye on smart money to see what assets they elect to rotate into. <\/p>\n

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So now that it’s over, what’s the new narrative? Surge, verge, purge, or splurge? Maybe dirge?<\/p>\n

\u2014 Galois Capital (@Galois_Capital) September 15, 2022<\/a><\/p><\/blockquote>\n

Remember, \u201cThe Merge<\/a>,\u201d according to so many \u201csmart\u201d people, was meant to be a bullish event that would possibly send Ether price higher and the treasure trove of hardfork ETH POW tokens was meant to magically materialize multi-billions of dollars in liquidity which would likely inflow to Bitcoin and help the ailing asset to break out of its current range. <\/p>\n

Well, none of that happened. It\u2019s not to say that it won\u2019t happen, but the current reality is a market painted in a bright shade of red. Bitcoin\u2019s Sept.15 drop below $20,000, induced a market-wide correction resulting in double-digit losses for a majority of altcoins and at the moment, there isn\u2019t an easily graspable story for investors to interpret as bullish.<\/p>\n

Not everything is dumping<\/h2>\n

There does happen to be an outlier, and its name is Cosmos (ATOM<\/a>). To the surprise of some, it\u2019s one of the few green assets on the charts on Merge day. Currently, the altcoin reflects a 9.4% gain and it has rebounded strongly off its Sept.14 low at $13.19. <\/p>\n

Previous analysis discussed how ATOM price trades within an ascending channel<\/a>, riding above the 20-day moving average and suggested that dips to and under the moving average reflected good purchase opportunities. A simple technical analysis of ATOM\u2019s price action would focus on: <\/p>\n