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• ATOM struggles to interrupt $17 as the worth will get rejected.
• The worth of ATOM enters the distribution part on a each day timeframe.
• ATOM’s worth wants to carry the important thing help at $12 to keep up a bullish construction.
• Hidden bearish divergence resurfaces within the 4H timeframe.

Cosmos (ATOM) has been the foremost participant of the present reduction bounce, with worth rallying from a area of $6 to $17, with many paying a lot consideration to its ecosystem as this might show to be a significant participant additionally within the bull run. The worth of Cosmos (ATOM) confirmed a lot power, holding fairly nicely towards tether (USDT) because the market continued to say no in worth.

Cosmos (ATOM) Price Analysis On The Weekly Chart 

Despite a decline in its worth from $45 to $6, over 70% decline from its all-time excessive, the worth of ATOM confirmed nice power as worth bounced from its weekly low of $6, rallying to a excessive of $17 earlier than going through a rejection to interrupt above that area to increased heights.

The worth of ATOM on the weekly chart appears sturdy regardless of seeing extra promote orders recently as the worth continues to carry. For ATOM to renew, its bullish sentiment worth must rally and break above $17, as this has confirmed to be a resistance to ATOM costs.

ATOM’s worth is buying and selling at $14.3 under its resistance; the worth of ATOM wants to carry above $12 to keep away from the worth from going decrease because of the sell-off. If the worth of ATOM holds this area, there might be extra perception of a rally to its resistance at $17 and presumably breaking and holding above this area.

A break under $12 would imply retesting decrease demand zones and reluctance for bulls to step into purchase orders as there could be extra agitation for decrease costs. 

For ATOM’s worth to revive its bullish transfer worth want to interrupt and maintain above the $17 resistance stopping the worth of ATOM from trending increased. If the worth of ATOM retains rejecting the trendline resistance, we might see the worth going decrease as there are extra promote orders than purchase orders. 

Weekly resistance for the worth of ATOM – $17.

Weekly help for the worth of ATOM – $12.

Price Analysis Of ATOM On The Four-Hourly (4H) Chart

The 4H timeframe for ATOM costs continues to weaken as costs break to the draw back, as there appears to be a hidden bearish divergence suggesting the worth of ATOM might retest the help space at $13.

On the 4H timeframe, the worth of ATOM is at the moment buying and selling at $14.5 under the 50 Exponential Moving Average (EMA), appearing as resistance for ATOM worth. The worth of $15.2 corresponds to the resistance at 50 EMA for the worth of ATOM. The worth of ATOM wants to carry the help space at $13, which corresponds to the 200 EMA. 

Four-hourly resistance for the ATOM worth – $15.2.

Four-hourly help for the ATOM worth – $13.

Featured Image From zipmex, Charts From Tradingview