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- 1 ATOM price is attempting to breach its significant resistance levels.
- 2 The XLM price is observing a decline of 1.73% in the last 24 hours.
The ATOM price has been trading within a range for the past few months. Recently it took a reversal from the $10.000 support zone, making a bullish engulfing candle. Presently the price is attempting to breach its recent resistance level of around 50 EMA. Observing its recent price action ATOM has been taking consistent retest from the 200 EMA.
Cosmos(ATOM) project is prominently focused on solving a few of the major problems that are experienced by the Blockchain industry. This project aims to provide a solution for some inefficient proof-of-work protocols that are provided by other major cryptocurrency platforms. It presents an ecosystem of connected blockchains.
Technical Analysis of ATOM
Source: ATOM/USDT by TradingView
The majority of market sentiments are observing a significant decline since last week, according to the greed and fear index, provided by the Alternative (dot) me platform. The present value of market sentiment is 49 in the sentiment index. It is recording a sharp decline of 16 points within the last week where the sentiments were at 65 points.
The bulls are currently overwhelming the price of ATOM tokens across most of the major cryptocurrency exchange platforms by 50 – 53%%, according to the Coinglass.
Steady Increase in TVL in the coin
The TVL (Total Value Locked) of ATOM has reached its all-time high level showing the increasing trust of buyers in the token. The present TVL of ATOM is 742.020K observing a change of -1.57% within the last 24 hours. This prominent change indicates that the buyer’s sentiment regarding ATOM tokens is positive in the long term view.
Technical Analysis of ATOM
The RSI line has been taking constant resistance from the median line and 14 SMA for the past few weeks. The current value of the RSI line is near the oversold levels at 49.29 points and 14 SMA is trading at 45.51 points providing support to it.
The Stochastic RSI has taken a positive reversal from the demand zone. The %K has recently crossed above the median line whereas the %D line is steadily approaching it. The current value of Stochestic RSI is 68.70 points and it may soon reach the supply zone.
Conclusion
The ATOM price is currently taking a bullish reversal from its support near the price of $10.000 while its nearest resistance is 8% above the current price near $12.000 and its next resistance is around the previous high of $13.000.
Technical levels –
Support – $10.000
Resistance – $12.000 and $13.000.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish 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.
