Cosmos (ATOM) was launched in March 2019 through the 2017 Initial Coin Offering fundraiser that raised over $ 11 million. Cosmos Blockchain will become the backbone for interoperability between all cryptocurrencies. Even if some of the popular cryptocurrencies, such as. B. with Cosmos. SDK, the evaluation of ATOM has remained relatively general, with no great ups and downs.
The small movement in price on this counter is due to the fact that most investors are not among the popular coins. The potential ahead of ATOM can be derived from the price action.
Technical analysis by ATOM
After five consecutive days of higher highs, supported by strong volume growth, ATOM has rebounded from the lows of $ 7.85 to the high of $ 12.80. That value is almost 80% rebound from the lower levels. Apart from the historical purchase price range, there is no fundamental support on this crypto meter. Cosmos has already broken both major moving averages and is facing either profit posting or resistance near the 200 DMA.
The resistances coincide with the moving average. If you stay below $ 15 for a long time, the moving average lines can plunge to lower levels, providing an opportunity for better price movement with attempts to make new highs. The current price movement on the daily charts has completely covered the value gained on June 30 with a red engulfing candle. This indicates a false breakout. Though there’s a good chance ATOM has hit current levels just to catch new investors at higher valuations.
While the current swing has been positive so far, MACD indicates a change in direction in the next part of the current swing. The trend reversal could be retested to the $ 10 mark without assistance. Therefore, getting started at such levels could be a trap. Since most cryptos are falling, wait for a new swing to begin before entering a new position.
On hourly charts, predicting the movement of ATOM is much more accessible since the entire onslaught was in the short term. It is clear that the buy action started around the $ 9 mark, pushing it towards $ 12. The swing ended with an indecisive candle that fell ten percent to $ 10. The current swing has not reached a new high, and ATOM has fallen because on July 1st, 2021 at 9:00 a.m., a high of $ 12 fell to the current daily low of $ 11.20.
Heikin Ashi charts with lower lows for the last couple of candles created a fearful environment. When the price declines from current fluctuations, many people can get out of their positions out of fear.