ATOM’s Decline Concern Sparks as Evmos’ Decides to Halt Cosmos Transactions

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ATOM’s Decline Concern Sparks as Evmos’ Decides to Halt Cosmos Transactions. The decision by Evmos to depreciate Cosmos transactions has raised concerns within the crypto community. This move could have several negative effects, notably impacting the usability and accessibility of Cosmos-based applications and services. Users heavily invested in Cosmos (ATOM) might face disruptions and challenges in conducting transactions, potentially leading to frustration and a loss of confidence in the ecosystem.

Additionally, the announcement has likely contributed to a sense of uncertainty, triggering a bearish sentiment around Cosmos (ATOM) in the market. Traders and investors, fearing reduced functionality and user adoption, may anticipate a fall in ATOM’s price. This anticipation of a price decline might lead to a sell-off, causing the value of Cosmos to decrease further.

#CryptoNews Evmos plans to deprecate Cosmos transactions, signals Ethereum alignment
👉Evmos plans to stop supporting Cosmos transactions and focus solely on EVM-based transactions.
👉The shift aims to reduce technical challenges and enhance development efficiency by dropping the… pic.twitter.com/mc0DOwnNAH

— Tini CoinX (@janetini97) November 7, 2023

The overall trend of ATOMUSD in the higher timeframe is clearly bearish. Following the major retracement to the upside after the retraction at the $6.160 demand zone, the MA Cross indicated a buy signal.

However, the market seems to be in the premium zone as the price hits the 62.0% Fibonacci retracement level. Moreover, according to the RSI (Relative Strength Index), the resumption of the downtrend is imminent as the price enters the overbought region.

Key Cosmos Levels To Watch – November 7

Resistance Levels: $8.940, $10.300, $12.950
Support Levels: $7.520, $6.810, $6.160

Cosmos Metrics

Total Market Capitalization: $1.27T
 Cosmos Market Capitalization: $3.1B
 Cosmos Volume: $119M
 Market Rank: #26

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