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Cosmos Price Analysis: ATOM is Down 6% Today, Would You Trade Near the Round Level?

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  • Cosmos (ATOM) is moving higher while staying in an upward parallel channel.
  • Today, bulls became part of a retracement phase above the $10 conceptual round level.
  • The retreat has resulted in a 62% drop in trading volume over the past 24 hours.

After exhibiting an uptrend, buyers can take a pause to plan for higher returns. It seems that sellers have moved far away from the Cosmos (ATOM) token as the bulls continue to push the price of the asset higher. The asset’s price action shows an amazing rally over the past few weeks, as buyers turned aggressive with every short drop.

At press time, ATOM and USDT are trading at the $10.9 mark. Amidst the roller-coaster ride, the coin continues to build higher-highs and higher-lows formation over the past seven weeks. The bears again turned aggressive after testing the resistance line of the parallel channel.

In the 4-hour time frame, the ATOM coin is moving towards the support line of the given parallel channel. However, according to the VRVP indicator, the altcoin is above the Point of Control (POC). Amid the higher-highs formation, the $10 conceptual round is turning into support, which is still valid and buyers may see a further bounce.

Fall May Occur if ATOM Move Below $10 Mark 

On the daily price scale, the RSI indicator is seen above a semi-line (50-point) as well as an ascending trend line. Due to the retracement in ATOM price, the RSI peak moved to retest the support line again. Moreover, the MACD indicator looks flat in the positive zone.

Conclusion

Cosmos investors try to complete short pull back chapters to trap the bears. Now, over the next few days, speculators may see an increase in volatility near the support trendline of the ascending parallel channel. However, technical indicators suggest an uptrend for ATOM Coins.

Support levels – $10 and $8.0

Resistance levels – $12.5 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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Steve Anderrson
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