ATOM: Signaling Further Market Decline?

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.