While Ether and Solana are in the green, some leading altcoins have been underperforming. Cosmos Hub (ATOM) is down 1.3% and now trades at $1.7350 per coin. The bearish performance comes as ATOM extends its correction for the second consecutive week amid persistent selling pressure. Furthermore, weakening on-chain and derivatives data support a bearish outlook. Technical indicators also remain unfavorable for ATOM. Derivatives data reflect a bearish bias ATOM risks dropping below the $1.7 level soon as derivatives data show declining retail participation in the market. CoinGlass’s OI-Weighted Funding Rate data for ATOM shows that the number of traders betting that the price of the coin will slide further is higher than those anticipating a price increase.
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