- ATOM’s worth reveals 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 value 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 harm most altcoins, with Cosmos (ATOM) discovering its worth at key assist as bulls defend this area with blood and sweat. The current Consumer Price Index information had a major impression on the crypto market, as the value 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 on account of so many merchants and traders changing into within the numerous tasks constructed on the Cosmos ecosystem, this, in a approach, serves as an enormous catalyst for such worth motion.
After the value of ATOM dropped to a weekly low of $6, the value rallied from this low to a excessive of $17, the place the value 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 value bounced and rallied to a excessive of $12, reclaiming this area because it has been a key assist for ATOM costs.
ATOM’s subsequent weekly candle closed bearish, however the brand new week’s candle opened with bullish indicators as the value of ATOM may very well be set for a rally to a area of $13, the place the value will face resistance to interrupt increased.
Weekly resistance for the value of ATOM – $13.
Weekly assist for the value of ATOM – $12.
Price Analysis Of ATOM On The Daily (1D) Chart
In the day by day timeframe, the value of ATOM continues to commerce beneath key resistance regardless of breaking out from its downtrend after the value obtained rejected from a excessive of $17.
The worth of ATOM has proven energy, as the value broke out from a descending triangle as the value tries to interrupt above 50 EMA at $12.75, performing as resistance for ATOM worth. If the value of ATOM reclaims 50 EMA, we might see extra worth motion to a area of $13-$14.
The Relative Strength Index (RSI) for ATOM worth on the day by day timeframe seems to be good after rallying from a area of oversold, which signifies good purchase quantity for ATOM
Daily resistance for the ATOM worth – $13.
Daily assist for the ATOM worth – $12.2.
Featured Image From BitcoinKE, Charts From Tradingview 
