Cosmos price forecast: ATOM price increase after sharp decline

  • After testing the critical resistance area of ​​$ 25.00, Cosmos price suffered a sharp downtrend that lasted for almost a week
  • The ATOM / BTC pair also suffered a significant loss of -9.20% over the month

Price analysis for Cosmos (ATOM)

Source: Coinmarketcap

On the monthly chart, Cosmos price saw significant bearish momentum after testing the critical resistance level of $ 25.00. The negative trend continued until the large USD 17.00 support level came into play. The support level resulted in a positive bounceback, and the crypto asset was able to develop positively during the current market session. The CMP is at $ 19.77, with an overall gain of 7.01% over the course of the day. The market capitalization has reached $ 4,190,621,329 with a 24-hour trading volume of $ 519,410,102. The ATOM / BTC pair is also doing well with a total gain of 3.67%, bringing the current level to 0.0003498 BTC. On the charts, the price level could have made a positive transition, indicating a strong uptrend in the upcoming trading sessions with a support level of $ 17.00 for any type of trend reversal.

Technical Analysis of Cosmos (ATOM)

Source: trade view

The technical chart shows the extent of the decline in Cosmos price after testing the critical resistance zone between $ 24.00 and $ 25.00. The price level at this point showed some stability above the 0.236 fib level, but the bears were forced to take a negative breakout after which the crypto asset was exposed to a negative retracement of nearly 70.00%. Cosmos price rebounded positively using a support line at the 1.00 fib level and is currently looking for a robust bullish confirmation above 0.618 fib. A positive break above 0.618 fib could put the bulls in the front seat.

RSI (bullish): The levels show a clearly positive character on the chart at 61.80, while looking for a positive breakout into the overbought region.

Stoch RSI (bullish): The levels indicate strong positive momentum for the coin and currently see no fears of a trend reversal.

MACD (bullish): The levels have provided a bullish crossover indicating more positive momentum for the digital asset in the upcoming trading sessions.

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