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Cosmos Price Analysis: ATOM Rising through an Interesting Channel

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ATOM Price Analysis
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  • Cosmos price is trying to gain uptrend momentum inside an ascending channel over the daily price chart.
  • ATOM crypto has recovered above 20 and 50 EMA and is preparing for 100 and 200-days Daily Moving Average.
  • The pair of ATOM/BTC is at 0.0004616 BTC with an intraday gain of 1.94%.

Cosmos price is trying to recover through an ascending channel over the daily price chart. The token is currently trading towards the upper trendline of the channel and is showing signs of recovery. ATOM coin needs to maintain the current uptrend momentum to recover itself up to a respectable resistance level. ATOM bulls must maintain the uptrend momentum to let the token surge out of the ascending parallel channel with a strong bullish rally. However, bears are trying to short the market for ATOM. Due to the circumstances of the bear market cryptocurrencies like ATOM struggles to recover properly. ATOM investors must wait until bulls sustain at the upper trendline of the rising parallel channel. 

Cosmos’ price is presently approximated at $10.69 and has gained 3.41% of its market capitalization in the last 24-hour period. However, trading volume decreased by 3.44% in the intraday trading session. This shows that bears are trying to pull the token and are snatching the game from bulls. The volume to market cap ratio is 0.07377.

ATOM coin price must attract more buyers in order to surge towards the upper trendline of the rising channel. Meanwhile, volume change shows that the accumulation of bulls is not upto the mark and it should be increased for ATOM to soar. ATOM coin price must surge towards the upper trendline to register its recovery phase over the daily price chart. 

What do Technical Indicators suggest about ATOM?  

ATOM crypto is trying to register its recovery through the rising parallel channel over the daily price chart. The token must maintain itself inside the channel and surge towards the respectable resistance level to recover maximum. Technical indicators suggest the uptrend momentum of the ATOM coin. 

The relative Strength Index showcases the uptrend momentum of the ATOM coin. RSI is at 57 and is trying to surge towards the overbought territory. MACD exhibits the bullish momentum of the ATOM coin. The MACD line is about to cross the signal line upwards resulting in a positive crossover.

Conclusion

Cosmos price is trying to recover through an ascending channel over the daily price chart. The token is currently trading towards the upper trendline of the channel and is showing signs of recovery. ATOM coin needs to maintain the current uptrend momentum to recover itself up to a respectable resistance level. ATOM bulls must maintain the uptrend momentum to let the token surge out of the ascending parallel channel with a strong bullish rally. However, bears are trying to short the market for ATOM. Meanwhile, volume change shows that the accumulation of bulls is not upto the mark and it should be increased for ATOM to soar. Technical indicators suggest the uptrend momentum of the ATOM coin.  The MACD line is about to cross the signal line upwards resulting in a positive crossover.

Technical Levels

Support Levels: $9.95 and $9.50

Resistance Levels: $11.00 and $12.00

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.   

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