A hibernation season awaits the investors of the cryptocurrency Cosmos (ATOM) as it faces a potential bear rally after a difficult few weeks in which its price has dipped. In a fast-paced, frantic and notoriously fickle industry, the first signs of trading in the red can prompt a flutter of unease.
If investors are now looking elsewhere to place their money, could they be better served by investing in Tron (TRX) and DogeMiyagi (MIYAGI)? In this article, we’ll try to get to the bottom of this question and look at what’s going on with Cosmos and what the other two crypto coins offer.
Is Cosmos Facing An Inevitable Bear Rally?
The price of Cosmos (ATOM) is moving further away from the significant 55-day Simple Moving Average (SMA), which has previously served as a reliable indicator in recent weeks and months. This development is accompanied by the price action trading outside the pennant pattern that has been in place since 2022. Although it appears to be a bear trap, it is possible that the bulls may end up being forced out of their position, resulting in a 20% drop in ATOM’s value.
Cosmos’ price has been trapped within a pennant formation for a large portion of 2022 and 2023, and this same pennant is displaying signs of weakness. In the past few weeks, there have been brief breakouts followed by retracements back into the pennant’s boundaries. However, the current situation might differ, potentially leading the bulls to fall into a bear trap.
ATOM, on the other hand, seems to be following a different trajectory this time. The 55-day SMA is starting to decline more steeply, and the 200-day SMA is indicating the formation of a Death Cross pattern. This suggests that the price action could decline to $10.21 and potentially breach this level. Consequently, a sharp drop to $8.43, resulting in a 20% loss, is anticipated.
Tron Can Be One Of The Best Crypto Coins To Buy
While most cryptocurrencies are experiencing a downturn, TRON (TRX) has been achieving bullish results in various aspects, such as its price, social activity, and market performance.
Notably, TRON has emerged as a leader on AltRank, a list that encompasses 5,242 cryptocurrencies and assesses their social and market activity relative to the wider crypto market. This information was shared by the crypto social intelligence analytics platform LunarCrush on the 22nd of May.
Specifically, TRON holds the 18th position in terms of 24-hour social volume, indicating a 13.3% increase. Furthermore, its social engagement has grown by 17.1% over the past day, placing the digital asset in the 12th spot for this metric. Additionally, TRON ranks ninth in trading volume and 216th in price performance compared to Bitcoin.
Moreover, TRON has witnessed a price surge of 7.06% in the last 24 hours, with its current value standing at $0.08. This translates to a 10.26% gain over the past seven days and a growth of 17.84% over the previous month, as reported by Finbold on the 22nd of May.
DogeMiyagi Could Be One Of The Best New Cryptos To Buy
Taking inspiration from the renowned Karate Kid series, DogeMiyagi aspires to dominate the meme coin market. A significant aspect of its strategy for expansion revolves around a remarkable collection of NFTs. The NFT platform revolves around exclusivity, providing users with an unparalleled experience and granting them access to the ever-expanding range of advantages and features available on DogeMiyagi’s platform.
DogeMiyagi, a prominent player in the cryptocurrency industry, adopts a community-centric strategy and boasts a comprehensive decentralised autonomous organisation (DAO) that empowers all participants to influence the project’s trajectory. To ensure sustained engagement within the community, the platform will introduce daily incentives.
By leveraging the Ethereum network, DogeMiyagi effectively bridges the gap between the meme coin market and the trusted Ethereum ecosystem. This integration ensures a robust and secure foundation for the platform while simultaneously fostering a strong sense of community engagement.
DogeMiyagi could become one of the best cryptos to buy if it enjoys a successful presale. The likelihood of a well-executed presale is that there will be a mass rush to buy MIYAGI tokens in its early stages.
For more about DogeMiyagi:
Website: https://dogemiyagi.com
Twitter: https://twitter.com/_Dogemiyagi_
Telegram: https://t.me/dogemiyagi
