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- The ATOM price has started to climb again across the all time horizon. The bulls’ efforts can be observed conspicuously.
- The crypto asset is trading significantly low below the 20, 50, 100 and 200 daily moving average.
- The ATOM/BTC pair is at 0.0003316 BTC with a gain of 2.76% in it.
In a nutshell, Cosmos bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. A major concern for some in the crypto industry centers on the levels of fragmentation seen in blockchain networks. There are hundreds in existence, but very few of them can communicate with each other.
The ATOM price has started climbing the market again as the bulls have started accumulating over the daily graph. But analysts believe the price may fall again as the signal is not strong for the bull run. To make a successful trend reversal the bulls must need to grow the volume in order to support the bullish movement. The crypto asset is still trading below the 5 days simple moving average and if the bears made an attempt to break the bulls effort and the price fell below the $5 support it will be very difficult for the bulls to make the price climb again.
The current price for one SUSHI coin is trading at $6.90 with a gain of 8.28% in the last 24 hrs trading session. The coin has a trading volume of 203 million which is at a loss of 22.30% in the 24 hrs trading session and a market cap of 1.9 billion.
Short-term Analysis for ATOM
The ATOM price is growing well over the short term (4 hrs) graph, showing the bulls effort. The movement needs to be consistent to make the price grow. The crypto asset is moving significantly above the 5 days exponential moving average. Analysts believe that the price may suffer a breakdown again as suggested by the bollinger band. To make the price grow the bulls need to take over the trading volume. Whereas the MACD indicator suggest for the bullish run as the gap between the two lines is increasing.
ALSO READ – Celsius Warns Stabilizing Liquidity ‘Will Take Time’
Conclusion
The ATOM price has started climbing the market again as the bulls have started accumulating over the daily graph. To make a successful trend reversal the bulls must need to grow the volume in order to support the bullish movement. The technical indicators like MACD and RSI are indicating bullish movement further.
Technical levels
Resistance levels: $7.5 and $8
Support levels: $5.6 and $5.2
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
