Cosmos (ATOM), traded as a wedge to Tether USDT (USDT) in order to build more strength and break through the $12 key support. Cosmos (ATOM) has been showing bullishness as it breaks through resistance, after having traded for days. Data from Binance
Cosmos ATOM Prices Analysis on The Weekly Chart
The chart shows that ATOM’s price dropped to $6.2 per week. However, it bounced back and rose to $12. This marks ten weeks of strong bullishness from ATOM.
ATOM weekly candle closed with a bullish sentiment, with the new week’s candle looking bullish for price recovery.
The price has continued to gain traction; despite Bitcoin’s (BTC) retracement, ATOM has shown great strength in breaking out of the price range.
The weekly price chart for ATOM could maintain this pattern and trend higher, to $16, as it will be the resistance. The support zone should be held at $12.5 to avoid falling below.
Weekly resistance for the price of ATOM – $16.
Weekly support for the price of ATOM – $12.5.
ATOM Price Analysis on the Daily (1D), Chart
ATOM’s price would trend upwards with more buy orders after it formed support above the wedge. ATOM will hold its price higher than this support to help trend higher.
The bullish sentiment expressed by ATOM was confirmed when the price broke out after an accumulation phase that lasted for more than a while.
ATOM prices have shown a bullish pattern after breaking through the wedge. Bulls can help ATOM to trend higher, with $16 acting as the main resistance in the daily timeframe.
ATOM currently trades at $13, just below the 50 Exponential moving average (EMA), that corresponds with a price $11.
The daily chart shows that the Relative Strength Index for ATOM’s price is higher than 65. This indicates more orders to buy.
Daily (1D) resistance for ATOM price – $16.
Daily (1D) support for ATOM price – $12.
ATOM Price Analysis on the Four-Hourly Chart (4H)
ATOM continues to have a bullish price trend. It is above the 50 and 200 EMA price levels, which are $11.3 and $10.8 respectively, and acts as support.
ATOM has to maintain bullish sentiment above the 50 and the 200 EMA levels. The prices of $11.3 to $10.8 are support levels if ATOM falls below the $11.3 level.
ATOM prices are subject to the support trendline. This is used in cases where the ATOM price falls below the trendline.
Four-Hourly (4H) resistance for ATOM price – $16.
Four-Hourly (4H) support for ATOM price – $11.3, $10.8.
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