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- Cosmos’ price has been rising through an ascending parallel channel over the daily price chart.
- ATOM crypto is trading at 20 EMA above 50 and 100-days DMA but still below 200-days Daily Moving Average.
- The pair of ATOM/BTC is at 0.0007308 BTC with an intraday drop of 4.21%.
Over the daily price chart, the price of Cosmos is striving to climb through an upward channel. The coin is currently gaining as it climbs near the channel’s top trendline. For ATOM currency to rebound and pass through a significant barrier level, it must maintain the momentum of the current surge. The ascending parallel channel must be maintained by ATOM bulls in order for the token to break out with a powerful bullish surge. Bears are attempting to short the ATOM market, though. A bear market makes it more difficult for cryptocurrencies like ATOM to effectively recover. Investors in ATOM must hold off until bulls retain their position at the ascending parallel channel’s top trendline.
Cosmos’ projected market price right now is $13.86, which is 5.53% less than its previous day’s closing price. However, during the intraday trading session, trade volume fell by 8.66%. This demonstrates that bears that are attempting to pull the token are outplaying bulls in the game. The volume to market cap ratio is 0.1478.
In order to accelerate toward the top trendline of the ascending channel, the price of the ATOM coin needs to entice additional buyers. The bears are attempting to accumulate for a pullback of the ATOM currency, nevertheless, as indicated by the volume fluctuation. For its recovery phase to be visible on the daily price chart, the ATOM coin price must rise toward the upper trendline.
What do Technical Indicators suggest about ATOM?
ATOM Crypto is keeping an eye on its recovery on the daily price chart using a rising parallel channel. To optimize recovery, the token must keep moving inside the channel and push past the permissible resistance level. Technical indicators imply that the ATOM coin’s downward momentum is still present.
The ATOM coin’s downward motion is depicted by the relative strength index. As it moves out of neutrality and into oversold territory, the RSI The ATOM coin’s MACD displays a bearish momentum. After negative crossover, the MACD line is lower than the signal line. Investors in ATOM must watch the daily chart for any directional changes.
Conclusion
Over the daily price chart, the price of Cosmos is striving to climb through an upward channel. The coin is currently gaining as it climbs near the channel’s top trendline. For ATOM currency to rebound and pass through a significant barrier level, it must maintain the momentum of the current surge. The ascending parallel channel must be maintained by ATOM bulls in order for the token to break out with a powerful bullish surge. Bears are attempting to short the ATOM market, though. For its recovery phase to be visible on the daily price chart, the ATOM coin price must rise toward the upper trendline. Technical indicators imply that the ATOM coin’s downward momentum is still present. After negative crossover, the MACD line is lower than the signal line. Investors in ATOM must watch the daily chart for any directional changes.
Technical Levels
Support Levels: $13.00 and $11.50
Resistance Levels: $15.30 and $16.00
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
