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- Cosmos (ATOM) coin shows an uptrend for this week as it is up 11.5% so far.
- The ATOM token has remained in an upward parallel channel since its 2022 lows.
- Cosmos Coin remains above the green moving lines of the EMA ribbon indicator.
The Cosmos Coin (ATOM) has been under the control of buyers for a long time. However, amid the uptrend, the bulls faced several minor pull-backs, but each dip turned out to be a major opportunity for the bulls. As a result, ATOM price is seen moving under an ascending parallel channel in terms of the daily price scale.
Recently, the bull witnessed the monthly low retest. But at the same time, the support trendline of a given bullish pattern. There is now an upside position for the bulls to push ATOM price towards the $13.5 resistance level. Meanwhile, as of press time, ATOM coin is trading at the $11.8 mark against USDT.
In terms of the daily price scale, the EMA Ribbon indicator is moving up with positive sentiments. Meanwhile, in the intraday trading session ATOM coin is trading above all the green moving lines of the given indicator.
The market cap of the ATOM coin market cap rose 13% over the past 24 hours to a record $3.38 billion according to the CMC. The effect can be seen in the BTC pair, which is trading up 9.7% at 0.0005779 Satoshis. Trading volume has increased by 44% in the last 24 hours indicating accumulation of buyers.
50-DMA Has a Significant Pumping zone
In the context of daily price scale, the 50-day moving average stood to be a key support zone for buyers. Later on, 20,50 and 100 DMAs are well below the current price of ATOM. altcoin could be more bullish after breaching the 200 DMA ahead. In addition, the RSI indicator again moves above the semi-line.
Conclusion
The Cosmos (ATOM) coin is looking bullish as buyers reversed the asset near the 50-day moving average over the daily price scale. However, price action suggests buy on dip for the past several days and Conceptual roud level of $10 has a key support level.
Support levels – $10 and $8.0
Resistance levels – $13.5 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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
