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Cosmos Price Analysis: Amid Higher-low Trend ATOM Breached 200-DMA, Bullish Trend?

  • Cosmos Coin (ATOM) started a downside move after completing its correction phase.
  • Last night, buyers successfully managed to hold ATOM’s price above the 200-day EMA.
  • Sellers are waiting to dump ATOM coins near the next round level of $20.

Cosmos Coin (ATOM) just exited its price corrective phase and resumed its upward trend. Since its recent lows, the cryptocurrency has outperformed, with price action building a higher-low pattern on each time frame, hourly or higher. During the price decrease in 2022, the bulls observed a yearly low of $5.55, which was turned into a critical hedging zone for the bulls.

Buyers have already experienced returns of more than 200% due to the high-low trend in the last several weeks. Buyers stockpile ATOM coins in the fall before the rise. As a result, the ascending trend line (white) has turned into a pumping zone. ATOM’s price reached a 4-month high of $17.19 last week, acting as a bullish barrier following the price fall.

In the last 10 days, buyers have successfully lifted the ATOM price from the price correction phase. Later, the bulls again try to close the weekly close in the green, with the weekly candle up 3.5% at the moment. At the same time, at the time of writing, the ATOM token was trading at the $16.2 mark against the USDT pair.

Trading volumes also increased with the bullish trend. As a result, last night, buyers managed to successfully manage ATOM price above the 200-day EMA on a daily price scale. Sellers are waiting to dump ATOM coin near the next round level of $ 20 resistance, on the contrary, $13.5 mark acted as immediate support.

Bears Have Selling Zone at $20 Level

On the daily time frame, the RSI indicator is moving above the upward trend line. The RSI is bullish as its peak is above the half-line. Similarly, MACD is unstoppable, moving higher.

Conclusion

Cosmos (ATOM) price is about to retest the $17.2 resistance level for a higher rally. Notably, buyers managed to hold the price above the key moving averages and broke the 200-DMA last night. Above the immediate resistance, buyers are likely to struggle with the $20 level.

Support levels – $13.5 and $10

Resistance levels – $17.2 and $20

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. It is also intrigued by blockchain technology and its functioning.

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