![Cosmos [ATOM] bulls fail to defend $10.6, here’s where prices can go by June](https://i.headtopics.com/images/2023/5/11/cryptoamb/cosmos-atom-bulls-fail-to-defend-10-6-here-s-where-cosmos-atom-bulls-fail-to-defend-10-6-here-s-where-1656412547526938624.webp)
The higher timeframe price action of ATOM highlighted a downtrend was in progress since late April, and another 8% move southward was likely.
The higher timeframe price action highlighted bearishness. The indicators showed downward momentum was on the rise and the Cosmos native token was likely to see further losses in May and June.Both the 12-hour and the daily timeframes highlighted the local bottom formed on 9 March was significant, as ATOM could rally from this support zone to reach $13.49 on 14 March. Thus, there was a 29.4% gain within a week, showing strong demand.
Since then, the bullish order block at the $10.65 level has been respected. However, it did not yield as strong a reaction as the first time, which was expected. Generally, the retests of an order block after the first one are weaker, and this was true in this case. ATOM bulls were unable to drive prices past $13 once more, and in April, bullish exhaustion was beginning to set in again. This saw ATOM register a lower high at $11.95, before slumping beneath the bullish OB.Therefore, it was a bearish breaker, and a retest of the same is likely to see a bearish reaction. To the south, the next levels of support to watch out for are $9.97 and $9.45.The 2-hour chart from Coinalyze showed that the spot CVD was in a slow decline throughout May.
This was a strong sign that speculators were shorting the asset, evidenced by bearish conviction among market participants on the lower timeframes.
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