Many cryptocurrency investors were excited to witness Bitcoin and most other cryptos rallying at the start of 2023. This was expected to be the beginning of a bullish market. However, some cryptocurrencies, especially the leading ones, have retained most of their gains while smaller projects like Cosmos (ATOM/USD) have not been so lucky.
Cosmos has lost more than 50% of its value, erasing all 2023 gains and still dropping. The daily chart shows a bearish trend while trading below the $15 resistance level. This price area has acted as a pivotal one, and Cosmos has failed to break it multiple times.
The market formed a reversal triangle in 2021, which should have been an early warning sign that a complex correction was coming. As expected, the market dropped below $25 in the first half of 2022.
A daily close above $15 is needed to shift the bias from bearish to bullish. Until then, the outlook remains bearish.
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