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- Cosmos ATOM price is expected to decline amid a high-low formation.
- In the intraday trading session, buyers try to close the daily price candles above the all-important moving average.
- Trading volume reached $592 million overnight with a 90% gain.
The price of Cosmos ATOM is no longer under bear control as the price recovery has invited early investors to take new long positions. From mid-June to mid-September, the price of Cosmos recorded a significant rally till profit-booking. During the recent strong bull run, buyers made over 200% gains to reach the $17 key resistance area for the bulls.
However, Cosmos price turned bearish in early October as buyers failed to manage prices above the ascending trendline (bottom of the chart). Afterwards, buyers face a roller-coaster ride till now. In the letter of price action, take a U-shaped recovery in the lower time frame like daily and below. This week, ATOM displayed strong signs of recovery as the price moved above the previous swing high.
ATOM 4 Hours Chart
In the 4 hour chart, the ATOM crypto’s price action is drawing higher-lows. As well as buyers are successfully sustaining digital assets above $12.5 swing high. Due to rebound, digital assets approach the next resistance of $13.5 for more upside momentum. Meanwhile, Cosmos‘ price against the USDT pair is trading at $13.19 Mark at the time of writing along with 4.3% gain.
Due to the continued upward trend, buyers are painting a fourth bullish candle this week today. As a result, buyers attempt to close the daily price candle above the all-vital moving average. This bullish signal may help the buyer to accumulate more. In fact, trading volume soared to $592 million overnight with a 90% gain.
On the daily price chart, the RSI indicator finally started moving above the semi-line. After a month, this indicator looks positive for the price of Cosmos (ATOM).
Conclusion
The price of Cosmos (ATOM) is ready to extend its trade higher. All eyes are on today’s price candle to make another long position. Specifically, the RSI indicator favors buyers as its peak leads to overbought territory on the daily price scale.
Support level – $12 and $10
Resistance level – $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, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
