- ATOM fails to surpass $17, as the price is rejected.
- ATOM prices enter the distribution phase within a 24-hour time frame.
- ATOM’s price needs to hold the key support at $12 to maintain a bullish structure.
- The 4H is when hidden bearish divergence surfaces.
Cosmos (ATOM), which has experienced a relief bounce from $6 to $17. With many people paying attention to its ecosystem and the possibility that it will be an important player in this bull run, Cosmos is the key player. Cosmos (ATOM), a cryptocurrency that has shown great strength against the USDT, continued its decline.
Prices for Cosmos, ATOM (Weekly Chart)
Although its price dropped from $45 to $6 (over 70% decrease from the all-time high), ATOM’s price showed remarkable strength. Price bounced back from its weekly low at $6 and reached a peak of $17 before it was rejected.
Although there have been more sell orders recently, the ATOM price on the weekly chart appears strong. ATOM’s bullish sentiment price must rise and break above $17 in order to resume its upward trend. This resistance has already been an obstacle to ATOM’s prices.
ATOM’s price is trading at $14.3 below its resistance; the price of ATOM needs to hold above $12 to avoid the price from going lower due to the sell-off. There is more chance that ATOM’s price holds at this level, and it could rally to resistance at $17. This would allow for a break above the area.
Breaking below $12 means retesting lower-demand zones. Bulls would have a harder time buying buy orders if there was more pressure for lower prices.
For ATOM’s price to restore its bullish move price need to break and hold above the $17 resistance preventing the price of ATOM from trending higher. We could see ATOM’s price dropping if it continues to reject the trendline resistance. This is because there are more buy orders than sell orders.
Weekly resistance for the price of ATOM – $17.
Weekly support for the price of ATOM – $12.
ATOM Chart Price Analysis – Four Hourly (4H).
As prices continue to fall to the downside in the 4H period, there appears to be an apparent bearish divergence that suggests the ATOM price could test the $13 support zone.
ATOM prices are currently at $14.5 lower than the 50 Exponent Moving Average (EMA) in the 4H period. This is acting as resistance. ATOM price resistance is at 50 EMA. The current price of $15.2 is the support level. ATOM’s price must remain within the support zone of $13, which is the 200 EMA.
Four-hourly resistance for the ATOM price – $15.2.
Four-hourly support for the ATOM price – $13.
Featured image from zipmex. Charts from Tradingview