ATOM Slides into End-of-Q3 as Smart Money Remains Long

ATOM's price has been trending downwards, sitting at $1.72 after a -2.22% slide in the last 24 hours.

The broader crypto market is showing 'wait and see' sentiment heading into Q4, which isn't helping ATOM's prospects.

Cosmos, the Layer-1 token behind ATOM, has been struggling to sustain rallies without a fresh ecosystem catalyst or a direct Bitcoin breakout.

Order flow data suggests that retail traders are heavily shorting ATOM, while top-tier traders remain long, with 59.7% of their positions net long versus 40.3% short.

The Bollinger Bands indicate a potential breakdown scenario, which could lead to a 13% downside to the lower band at $1.49 if the current trend continues.