ATOM Cosmos Bearish Pennant Pattern

In its recent case against Binance, the SEC introduced 10 cryptocurrencies into the securities classification: BNB (BNB), Binance USD (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS) and COTI (COTI).

A bearish pennant is a technical chart pattern that typically occurs during a downward trend in a financial market. It is characterized by a small symmetrical triangle formation, with converging trendlines that resemble a pennant shape. This pattern suggests a temporary pause or consolidation in the price movement before a potential continuation of the downtrend.

When a bearish pennant pattern breaks down, it means that the price has moved below the lower trendline, signaling a potential resumption of the downtrend. This breakdown is considered a bearish signal and may indicate further downward price movement in the near term.

Traders and investors often monitor bearish pennants and their breakdowns as potential opportunities to initiate or add to short positions or to manage existing bearish trades.

My price Target for ATOM is $5.60.

Looking forward to read your opinion about it.