- The ATOM price is up almost 20% in the week
- ATOM Price has been stuck in the ascending channel for weeks
- 50MA has held as a support
ATOM price has attempted a breakout over the past week as many alt coins have gone parabolic. BTC and ETH allowed altcoins to start a stronger revival as both broke out of major resistances and downtrends. The market has risen with a minor correction for almost a month in a row. With BTC now appearing to be depleted, we can expect a retracement, although some Alt-Coins have not yet made a big move up.
Cosmos has been respecting an ascending channel formation for the past 3 weeks. It wasn’t until the final day that the bulls attempted to break out of the channel’s top trend but were rejected again. Coupled with the channel’s top trend, there is a zone of resistance between $ 16.55 and $ 17.50.
ATOM must completely break through and hold this zone along with the top trend for a large increase to occur. In that case, expect ATOM to hit $ 18.51 +. This would allow Cosmos to experience a larger retracement after 3 months of downtrend.
Kosmos Price Analysis: ATOM / USDT 4-Hour Chart
For the past 4 days, the price has refused to close a 4-hour candle below the channel’s median line. If bears push down and ATOM closes a candle below, we can expect a decline to at least the lower trend of the channel along with the big support at $ 14.58. This area is also met with the 50MA, which has been supported for almost 3 weeks.
In the event that this MA fails and ATOM breaks out of its ascending channel, we should expect prices to continue falling to the USD 13.00 support level. This would likely put Cosmos on a slight downtrend.
If we look at the stochastic RSI we can see it consolidating for almost 5 days, waiting for some kind of move. This has formed a symmetrical triangle formation and a breakout on either side will trigger an explosive movement. The regular RSI is also in the same place as it formed an almost week-long triangle. Once both RSIs break to one side, we can assume that price will follow suit.
ATOM intraday analysis
- Spot price: $ 16.30
- Trend: bullish
- Volatility: high
- Support: $ 15.54
- Resistance: $ 16.54
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The content presented may contain the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.
About the author
Domenic Fiore loves the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision of becoming an entrepreneur and wanted to be successful from a young age. Domenic has owned and operated an auto retail business since he was 16 and was part of two CBD companies through 2018 and 2019, seeing 10x returns in a few months. Then he realized there was a lot of potential and went headlong into learning what he could. He developed a great passion for technical analysis and knew this was his path to financial freedom. Over the past 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly thereafter, he wanted to help spread the word in the retail industry and help others to be successful.