Cosmos prices continue to follow a downward channel. This descend has even accelerate on August 21 and August 22, when the coin dived by 4% and 1.9% respectively. This move was followed by a correction that is leading the price towards the resistance of the channel and could hit it at 7.57-7.64. This is a good opportunity to open short trades with a target at $6.99, which is the low of August 17. Stop-loss could be set at 7.84.