Home CryptocurrencyAnalysis Cosmos (ATOM) Rally with more than 10% profit as shown by the indicator is not in the safe zone

Cosmos (ATOM) Rally with more than 10% profit as shown by the indicator is not in the safe zone

by SuperiorInvest
  • The ATOM price is showing strength as the price bounces off the weekly low of $8.5, giving the bulls some relief.
  • ATOM price continues to look bearish as market sentiment persists, with things looking uncertain for most traders and investors.
  • The price of ATOM is rising high on the daily time frame as the price moves towards 50 Exponential moving averages (EMA), it seems less likely to break higher.

The price action displayed by Cosmos (ATOM) has not been encouraging recently after prices dropped from the $27 area to a weekly low of $8.50. With many looking for a big drop in the price of Bitcoin (BTC), Bitcoin (BTC) bounced back from $15,500 as the price rose to a high of $16,500, leaving bears on the sidelines as Comos (ATOM) price gained certain relief jumps. hold strong above key support. The price action displayed by Cosmos (ATOM) and many altcoins have been problematic recently as many altcoins struggle to survive. The domino effect of the FTX saga and other big investors involved have left the market at a standstill as the market is yet to make any major move after the previous weeks. (Data from Binance)

Cosmos (ATOM) price analysis on weekly chart

Most cryptocurrency traders and investors are having a rough few days and many are worried about where the market is headed after so much turbulence in the crypto space. Many altcoins struggled to show strength and lost key support in their bid to survive.

The current uncertainty in the market has made traders and investors hesitant to buy altcoins as there is no guarantee that their value will rise anytime soon.

The price of ATOM on the weekly chart has struggled despite market uncertainty affecting major crypto projects that have continued to build in this bear market and more FUD (fear of uncertainty and doubt) lingering. ATOM saw its price trading in the $17 region on the weekly chart, but the price was rejected as ATOM price dropped to the $8.5 region and rebounded from that region to trade at $9.5 with little relief from the market.

Weekly Resistance at ATOM Price – $10.

Weekly support at ATOM price – $8.50.

ATOM price analysis on a daily (1D) chart

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

ATOM price remains quite weak on the daily time frame as the price is trading above the $8.5 support after being rejected from the $17 high.

ATOM price is trading at $9.8 below the 50 and 200 EMAs, which acts as resistance to ATOM price. The price of $11.5 and $13.8 matches the prices at these levels and acts as resistance.

If the price of ATOM breaks and holds above $11.5, we could see further gains in the price of ATOM towards the $13 area; a break below the $8.5 area would send the price back to the $5 area.

Daily resistance at ATOM price – $11.5.

Daily support at ATOM price – $8.5-$6.

Featured Image From zipmex, Charts From Tradingview 

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