You are currently viewing Cosmos Clings To $12 As Price Struggles, Will This Region Act As Strong Support?

Cosmos Clings To $12 As Price Struggles, Will This Region Act As Strong Support?

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  • ATOM’s worth exhibits energy as worth breaks bounced off from $12 with good quantity with eyes set to reclaim $13. 
  • ATOM breaks out of a downtrend as the worth resumes a bullish construction. 
  • The worth of ATOM continues to commerce above 50 Exponential Moving Average (EMA) within the four-hourly timeframe. 

The worth actions of Bitcoin (BTC) have damage most altcoins, with Cosmos (ATOM) discovering its worth at key help as bulls defend this area with blood and sweat. The current Consumer Price Index information had a big affect on the crypto market, as the worth of BTC fell to a low of $18,200 earlier than rebounding to $19,300, with many altcoins struggling to maintain up, however Comos (ATOM) proved resilient. (Data from Binance)

Cosmos (ATOM) Price Analysis On The Weekly Chart.

Despite experiencing some nice worth motion in current weeks because of so many merchants and buyers turning into within the numerous initiatives constructed on the Cosmos ecosystem, this, in a approach, serves as an enormous catalyst for such worth motion.

After the worth of ATOM dropped to a weekly low of $6, the worth rallied from this low to a excessive of $17, the place the worth confronted resistance to breaking above this area to a top of $20.

The worth of ATOM confronted a rejection to a low of $11.5, the place the worth bounced and rallied to a excessive of $12, reclaiming this area because it has been a key help for ATOM costs. 

ATOM’s subsequent weekly candle closed bearish, however the brand new week’s candle opened with bullish indicators as the worth of ATOM might be set for a rally to a area of $13, the place the worth will face resistance to interrupt increased. 

Weekly resistance for the worth of ATOM – $13.

Weekly help for the worth of ATOM – $12.

Price Analysis Of ATOM On The Daily (1D) Chart

Daily ATOM Price Chart | Source: ATOMUSDT On Tradingview.com

In the each day timeframe, the worth of ATOM continues to commerce under key resistance regardless of breaking out from its downtrend after the worth bought rejected from a excessive of $17. 

The worth of ATOM has proven energy, as the worth broke out from a descending triangle as the worth tries to interrupt above 50 EMA at $12.75, appearing as resistance for ATOM worth. If the worth of ATOM reclaims 50 EMA, we may see extra worth motion to a area of $13-$14.

The Relative Strength Index (RSI) for ATOM worth on the each day timeframe appears good after rallying from a area of oversold, which signifies good purchase quantity for ATOM

Daily resistance for the ATOM worth – $13.

Daily help for the ATOM worth – $12.2.

Featured Image From BitcoinKE, Charts From Tradingview 

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