Technical analysis by FieryTrading about Symbol ATOM: Sell recommendation (9/9/2024)

In this analysis I want to take a closer look at the state of the market. ATOM Was a decent performing token in the previous cycle, but it sadly failed to impress investors this cycle.Most striking is that ATOM is one of the few alts which has actually made a new bear-market low. This token has never entered a bullish phase like most tokens did and has basically made lower-lows throughout.This token had a 5B marketcap just a few months ago, so we're seeing some serious money leaving this token. Naturally, there's something going on in the background which amplifies the sell-off, but I'm looking at it as a potential signal that the alt market is currently in a bad spot.There's a lot of alts that are currently not far away from their bear-market lows. If we see more and more making fresh lows it could be an indication that more selling is yet to come.