Cosmos Looks Promising As Price Rally, Can Price Breach $14?

  • ATOM’s price falls in an uptrend. This is due to the short-term recovery that will create more bullish sentiment.
  • ATOM appears strong for the lower timeframe. 
  • ATOM’s price breaks down and is above 8 and 20% EMA.

Cosmos, (ATOM), showed strength and price trends for many days. Many became curious as to why Cosmos is outperforming tether USDT (USDT) under such market conditions. We could witness the price for altcoins (including ATOM) move quickly as the BTC price gains momentum. (Data from Binance).

Crypto Market Outlook 

Crypto Market Outlook | Source: Coin360

Most crypto projects have felt relief in the new month. Altcoins like ATOM show more bullish power, and the BTC price led the market to rally from $18,800 down to $20,100. As the crypto market is looking better, it could be possible to see more recovery. The previous month had prevented large altcoins from rallying.

Prices for Cosmos, ATOM (Weekly Chart)

Recent weeks saw tremendous strength in the ATOM price as it rose from $6 per week to $17, with many gains. The crypto charts showed no signs of weakness for several weeks as ATOM topped the chart every week. 

ATOM’s price faced rejection as it was unable to break above $17.5, acting as resistance to the price of ATOM and the area of supply.

This resistance region was used to support the rally to $20. However, more sales in this region prevented it from flipping. ATOM’s price dropped to a low of $12, acting as a good support area for the price in case of a sell-off.

ATOM prices remained at $12. Before reaching a weekly close, the price looked more bullish than usual for this week. It aims to recover to $14.

ATOM’s price needs to hold above $13 for the price to have a chance to trend higher to the anticipated $14. The price of ATOM could fall to $13 if it fails. We might see prices retesting $12. However, if ATOM trend to $14 and turns it into support we could see the price retesting the $17 region, which would act as an area of supply for ATOM.

Weekly resistance for the price of ATOM – $14.

Weekly support for the price of ATOM – $12.5-$12.

ATOM Daily Price Analysis (1D) Chart

Source: ATOMUSDT On| Source: ATOMUSDT On

AtOM’s price on the daily timeframe remains bullish, as it forms a downward triangle that is broken out with volume.

ATOM’s price is currently trading at $13.90 as the price broke out of the descending triangle and trades slightly below the 8 and 20-day Exponential Moving average (EMA), acting as resistance zones for the price of ATOM. ATOM’s price of $12.9 is the same as its 8-day EMA. 

Daily resistance for the ATOM price – $13.4-$14.

Daily support for the ATOM price – $12.5.

Featured image from zipmex. Charts from Tradingview. Coin360 

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