After rallying to close to 14% just 48 hours earlier, ATOM displayed positive price action. With its rally, the coin has recovered 21% of the losses it suffered in the last week.
The industry is still dominated by bearish sentiments. Altcoins too have been affected by the same sentiment. The coin has been struggling to free itself from bears’ grasp since January, when ATOM reached its highest point.
Cosmos (ATOM), at the time this article was written, was 28th most popular crypto according to market capitalisation.
Bitcoin dropped below the $30,000 threshold, Ethereum fell to $2000 and Bitcoin slipped again. After a drop of 1%, the global cryptocurrency market was now worth $1.32 Trillion. 4.6%Within the last 24hrs.
ATOM Price Analyse: 1 Day Chart
Cosmos (ATOM ) traded at $10.57 when this article was written. A gradual push from bears has caused the digital asset trade below its resistance line. The market experienced a decline in buyer strength, which led to the coin trading near its immediate support level at press time.
Altcoin’s price dropped by nearly 9% in the last 24 hour, causing it to trade close to local support.
ATOM was trading at $13.73 as its immediate resistance. To trade higher than that ATOM, it would require support from the buyers. Trade volume showed bearishness. This indicates that there is selling momentum in the market.
Technical Analysis
Cosmos (ATOM), which invalidated the 8-month-long resistance line, caused investors to lose faith in the asset. It was trading at a lower level than the 20-SMA, which indicated that the sellers had taken control of price momentum.
The altcoin will struggle to see a revival if it continues to trade below the 20 SMA. If there is a buyer, the altcoin can trade close to the $13 mark.
If the price is not met, the coin could fall to $9.42. In July last year, the coin was trading at or near $9.40.
Relative Strength Index showed an increase because it was above the oversold area. ATOM remains under intense selling pressure, despite the recovery.
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Cosmos (ATOM), which had made a short recovery, showed some signs of bullishness. However, it is not yet clear if altcoins will keep moving in this same direction. Amazing Oscillator shows the price momentum on the market.
An indicator that displayed green histograms under the zero line indicated a sell sign. The sell signal could cause the price to drop further, causing bears’ strength.
Chaikin Money flow was below the half-line. However, the indicator did note an increase in capital outflows. Despite increase in capital inflows, ATOM’s capital outflows precede its inflows.
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