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- Cosmos (ATOM) price is showing a V-shaped recovery in the lower time frame.
- The buyers move closer to the 20 day moving average on the daily price chart.
- The trading volume continued to decrease as a result of which it recorded $76.4 million overnight.
There was a sudden correction in the price of Cosmos (ATOM). This week turned out to be a good one for investors as the overall crypto market declined sharply and ATOM remained stable. Altcoin price is showing a V-shaped recovery in the lower time frame.
The price action is that ATOM crypto is making lower-highs in the daily as well as weekly time frames. However, the bulls have been moving lower in the higher zone since their yearly low. Amidst the recent price decline, the bulls conquered the 90-day low mark at $8.72, which immediately flipped to the support area.
However, trading volume is decreasing down nowadays. Daily volume bars are remaining below the decreasing line. Thus, it reported $76.4 Million in the last 24 hours. Despite the fact, altcoin price shows V-shaped recovery in a lower time frame. This recovery drives crypto prices towards the 20 day moving average on the daily price chart.
Market capitalization decreased 1.72% in the last 24 hours, reported at $2.90 Billion. Crypto price is trading at the red zone of volatility-$10. After sustainability above this conceptual round level. On the other hand, the $15.5 zone stood to be the next resistance level for investors.
In the context of daily price scale, ADX is present at 35 levels at the time. This shows higher volatility in ATOM crypto. Similarly RSI indicator is going to retest halfways (50 mark). In addition, MACD is remaining into the negative region as of now. But buyers have prepared to take long-position after seeing a bullish crossover.
Conclusion
The Cosmos (ATOM) price stays closer to the 20 day moving average. Above this bullish hurdle, crypto prices become slightly bullish for short-term outlook. And conceptual round level is the key support level for bulls.
Support level – $10 and $8.7
Resistance level – $15 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.
