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- Cosmos price has been trading inside a rising parallel channel over the daily price chart.
- ATOM crypto has declined below 20, 50, 100 and 200-days Daily Moving Average.
- The pair of ATOM/BTC is at 0.0004245 BTC with an intraday drop of 5.36%.
The daily price chart’s falling wedge shape must be broken by the cosmos price. The coin has to attract more buyers if it wants to break out of the falling wedge pattern. On ATOM Coin, a falling wedge pattern is about to form as it looks to draw in additional bulls to indicate its breakout. The token still isn’t able to gather enough assisting forces to finish its breakout, so the accumulation doesn’t seem to be on track. Investors in ATOM should hold off on making investments until the token is ready to break its downward trend. After successfully escaping the pattern, ATOM is currently altering its living situation. Bulls now need to maintain their momentum in order to allow the price of ATOM Crypto to continue rising above the ascending triangle pattern.
Cosmos‘ expected price, which is currently $9.29, has dropped by 8.78% intraday. Trading volume decreased by 5.09 percent during the intraday trading session. This demonstrates that the token is under pressure from short sellers and is moving in the direction of the parallel channel’s lower trendline. Volume to market capitalization ratio is 0.09988.
After successfully escaping the falling wedge pattern, the price of ATOM coin has now entered an ascending triangle shape to start its recovery phase. ATOM must gain support from the bulls in order to launch a strong bullish surge that will signal the start of its recovery phase. For ATOM to start making a comeback, the volume change must improve as it is currently below average.
What do Technical Indicators suggest about ATOM?
ATOM coin price is trading towards the lower trendline of the parallel channel over the daily price chart. The token must adapt the uptrend momentum to avoid falling significantly below the channel. Technical indicators suggest the downtrend momentum of ATOM coin.
Relative Strength Index showcases the downtrend momentum of ATOM coin. RSI is at 50 and is preparing to break from neutrality. MACD exhibits the bearish momentum of ATOM coin. The MACD line is about to cross the signal line downwards resulting in a negative crossover. ATOM investors need to wait until bulls sustain at the token surges back towards the upper trendline of the parallel channel.
Conclusion
The daily price chart’s falling wedge shape must be broken by the cosmic price. The coin has to attract more buyers if it wants to break out of the falling wedge pattern. On ATOM Coin, a falling wedge pattern is about to form as it looks to draw in additional bulls to indicate its breakout. The token still isn’t able to gather enough assisting forces to finish its breakout, so the accumulation doesn’t seem to be on track. Investors in ATOM should hold off on making investments until the token is ready to break its downward trend. For ATOM to start making a comeback, the volume change must improve as it is currently below average. Technical indicators suggest the downtrend momentum of ATOM coin. The MACD line is about to cross the signal line downwards resulting in a negative crossover. ATOM investors need to wait until bulls sustain at the token surges back towards the upper trendline of the parallel channel.
Technical Levels
Support Level: $8.95 and $8.20
Resistance Level: $10.35 and $11.40
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.
Saurav Bhattacharjee is in charge of the Broadcast development team of The Coin Republic.
He has been covering the Metaverse and NFT niche for the past 2 years.
With stellar interviews on his portfolio like Nicehash, Paxful, WallstreetWolvesNFT, Bitholla, Totemfi, EOS.io etc. Saurav has spearheaded the NFT SUPERSTARS AWARD and successfully hosted the first award in 2021.
