Cosmos, SAND, Bitcoin Cash Price Analysis: 10 January
Bitcoin Cash and SAND correlated with the broader market trajectory and declined below their 4-hour 20-50-200 SMA. They poked their multi-week lows on 8 January while the 20 SMA stood as an immediate hurdle.
On the other hand, Cosmos touched its 15-week high on 7 January. However, over the past few days, it formed a double top and hinted at decreasing buying influence.
Cosmos (ATOM)
Source: TradingView, ATOM/USDT
After an inverse head and shoulder, ATOM saw an expected breakout from the $32.5-mark. The alt jumped by over 35% (from 1 January) and poked its 15-week high on 7 January. This incline helped ATOM reclaim its 23.6% Fibonacci support at the $36-mark.
After retesting the $32.5-support for over seven weeks, the bulls finally initiated a sustained breakout for the past four days.
However, the alt formed a double-top over the past five days while the bears ensured the $43-resistance. Now, as the 20 SMA (red) fell below the 50 SMA (grey), the bears seemed to increase their influence.
At press time, ATOM traded 17.9% below its ATH at $36.79. The RSI consistently marked lower peaks and dipped below the midline. The AO stayed below the midline after forming bearish twin peaks above the zero line.
The Sandbox (SAND)
Source: TradingView, SAND/USDT
SAND bulls crossed the 38.2% Fibonacci resistance as it reclaimed the crucial $6.03 support after forming a rising wedge (green, reversal pattern). As the 61.8% Fibonacci stood as a strong resistance, an expected breakdown occurred from the reversal pattern.
Since then, SAND saw a 35.75% retracement until it poked its three-week low on 8 January. Any further pullout would find support at the $4.44-mark. The 20-SMA (red) acted as an excellent resistance for the past week as the bulls
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