Cosmos (ATOM) Invalidates Uptrend; Where Is The Next Area Of Interest For Price?

  • ATOM prices struggle on long time frames to trend higher, despite bullish sentiments in recent times. 
  • ATOM is trading below the uptrend support level as it looks bearish in light of the market.
  • ATOM’s price is looking for support, as it trades below the 50- and 200 day EMA. 

Cosmos’ (ATOM), which is currently below the uptrend resistance against USDT, struggles to establish its bullish trends. In the previous weeks, crypto market cap was looking positive as Bitcoin (BTC), other crypto assets including Cosmos(ATOM) showed great strength. Prices rose from $6 to $17. Data from Binance

Cosmos (ATOM), Price Analysis on The Weekly Chart.

This is, however, a major catalyst to price movements. There has been some price movement recently with many investors and traders becoming more interested in different projects built within the Cosmos ecosystem. 

ATOM’s weekly drop to $6 was followed by a rally to an all-time high of $17. The price then faced resistance from rising above that region and reached $20.

ATOM’s price fell to $12.5. It bounced back to $13.5, but it couldn’t move higher because the price ranged. 

ATOM’s next weekly support is at $12.1, with the price eyeing a retest of that region; if ATOM fails to hold this region, we could see the price going lower as there is no strong weekly support close to this region.

Weekly resistance for the price of ATOM – $17.

Weekly support for the price of ATOM – $12.1.

ATOM Price Analysis on the Daily (1D), Chart

Daily ATOM price chart | Source: ATOMUSDT On Tradingview.com

The price of ATOM trades below the key resistance that is the uptrend line. This price break helped ATOM maintain its bullish structure over the last days.

ATOM price strength has been demonstrated as it has not fallen below key support. This may lead to additional sell orders by ATOM owners. 

Daily resistance for the ATOM price – $13.8.

Daily support for the ATOM price – $12.1-$10.4.

ATOM’s Onchain Analysis

ATOM Onchain Analysis | Source: On Messari.io

The On-chain Analysis shows that ATOM’s price is more stable despite the drop of 70%. Comparative to the other crypto assets, ATOM’s return on investment (ROI), was 64% for the past 3 months. 

Featured Image from zipmex, Tradingview Charts and Messari

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