Cosmos (ATOM) has maintained a lot bullish sentiment topping the charts within the crypto area; regardless of pullbacks throughout the market, Cosmos (ATOM) would recuperate with good quantity and rally greater. The worth has been confronted with resistance on the weekly chart and has proven weak point as a lot doubt units in if the worth can reclaim the worth of $20. (Data from Binance)
Cosmos (ATOM) Token Price Analysis On The Weekly Chart
ATOM noticed a decline in its worth from $45 to round $6, with an over 70% drop from its all-time excessive regardless of having good fundamentals. The worth of ATOM bounced off after touching a weekly low of $6, and the worth rallied to $17, exhibiting some nice power.
The worth of ATOM on the weekly chart confirmed nice power rallying to $17 with robust quantity, however the worth was confronted with main resistance at $17 on the weekly chart. ATOM didn’t flip this weekly resistance into assist as the worth has maintained a decline however above its bullish trendline assist.
For the worth of ATOM to pattern greater worth must flip the weekly resistance into assist and shut above $17; if the worth of ATOM fails to rally again to this area, we may see the worth of ATOM retesting its assist of $12.
The worth of ATOM may retest its weekly assist of $12, which is a wholesome retracement. So far, the assist of that area holds the worth of ATOM from sell-off, and this could be an excellent zone for extra purchase orders, and a potential bounce as the worth goals to keep up its bullish sentiment. If the worth of ATOM fails to carry $12 assist, we may see the worth going to a low of $8.
Weekly resistance for the worth of ATOM – $17.
Weekly assist for the worth of ATOM – $12.
Price Analysis Of ATOM On The Daily (1D) Chart
The each day timeframe for ATOM costs continues to most important the bullish construction it has fashioned as the worth respects the trendline assist holding up properly regardless of seeing extra promote quantity.
ATOM’s worth wants to carry above this trendline assist for the worth to bounce and pattern greater, but when the worth of ATOM fails to carry, we may see the worth of ATOM going to a each day low of $12.5.
On the each day timeframe, the worth of ATOM is at present buying and selling at $13.56, holding above the 50 Exponential Moving Average (EMA), performing as assist for ATOM worth. The worth of $12.5 corresponds to the assist at 50 EMA, performing as an excellent space for extra demand for the worth of ATOM; if the assist at 50 EMA fails, we may see the worth going to $9.
The Relative Strength Index (RSI) for ATOM is above 50 on the each day chart, indicating low purchase order quantity.
Daily resistance for the ATOM worth – $15.
Daily assist for the ATOM worth – $12.5-$9.
Featured Image From zipmex, Charts From Tradingview