Technical Analysis: Cosmos down 10% as ANC extends recent gains

Cosmos (ATOM)

Cosmos ( AtOM) managed to hold onto the #20 spot on the crypto top 100 on Saturday despite dropping by double digits at the start of the weekend.

Today's drop in ATOM/USD is due to prices failing to hold a one-month high yesterday, while its resistance level remained firm.

After a failure to break this ceiling at $33.70, ATOM/USD fell to $29.71 today.

ATOM trades 8.23% lower as the 14-day RSI is not overbought or oversold and is currently tracking at 51.

Bulls are optimistic about a rebound and remain hopeful that the $34.00 resistance level will be reached in the coming sessions.

They will be encouraged by the recent upward crossover between the 10-day and the 25-day moving averages.

Anchor Protocol (ANC).

Friday's largest crypto gainer was Saturday's as ANC extended its run and set a new record.

The anchor protocol is up for a fifth consecutive session. Bulls are ignoring market uncertainty to push the price higher.

As of today's writing, ANC/USD had reached an intraday high at $6.18, which is a new record.

The price momentum has increased as the 10-day (red), short-term moving average continues its upward trend with no sign of slowing.

As we all know, bull runs are not always successful. With ANC being so high, bears could be lurking.