ATOM Is Struggling to Recover
Cosmos (ATOM) has taken a significant hit this week, falling by 11.9% to $3.89, underperforming the broader crypto market where Bitcoin (BTC) is down by 3.8% to $56,067. The latest decline in ATOM is partly attributed to the Gaia v17 update that launched in May, which faced technical issues, leading to a prolonged downturn in ATOM's price. Since then, ATOM has seen a steady decline, losing 20.5% in June, 13.0% in July, 21.0% in August, and 16.4% in September.
The sentiment surrounding Cosmos remains bearish. However, from a technical perspective, there is some hope for a recovery, as the price has broken out of a falling wedge pattern, a formation often signaling a potential reversal. That said, the potential price target range of $2.50 to $5.00 is quite broad, making precise predictions challenging.
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