The Cosmos (ATOM) value is buying and selling inside a Fib and horizontal help degree. There are not any decisive indicators in both path.
ATOM is the native token of the Cosmos ecosystem. The ATOM price has fallen since reaching an all-time excessive value of $44.65 in Sept. 2021. It created a decrease excessive in Jan. 2022 earlier than accelerating its charge of lower. Until now, Cosmos fell to a minimal value of $5.55 in June 2022.
The value of Cosmos initiated a bounce afterward that’s nonetheless ongoing.
A major improvement is reclaiming the long-term $8.80 horizontal help space. The space has intermittently acted as resistance and help since July 2020 (crimson and inexperienced icons). So, the June breakdown (crimson circle) is barely a deviation because of the subsequent reclaim.
The weekly RSI is beneath 50 regardless of the ATOM value is buying and selling above the $8.80 help space. So, whether or not the value breaks down or bounces will doubtless decide the long run ATOM value prediction.
Cosmos (ATOM) Price Rise Loses Momentum
The each day time-frame exhibits two different vital resistance and help ranges. Firstly, the ATOM value has adopted a descending resistance line since Sept. 9. The line rejected ATOM on Nov. 5.
Afterward, the value fell to the 0.618 Fib retracement help at $10. This is each the 0.618 Fib retracement help degree and a horizontal help space.
However, the each day RSI is bearish since it’s beneath 50. As a outcome, whether or not the ATOM value breaks down from the $10 space or bounces will decide the long run development.
Wave Count Supports Bounce?
The wave rely helps the likelihood of a bounce. It exhibits that the ATOM value has accomplished an A-B-C corrective construction.
The indisputable fact that the waves have a virtually 1:1 ratio and the overlap (crimson line) of waves A and C help this being the proper rely.
However, the rely can be invalidated with a decisive shut beneath the $10 help space. In any case, the wave rely solely suggests a short-term improve will comply with, somewhat than a long-term bullish reversal. As a outcome, the path of the long-term development is unclear.
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