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- The price of Cosmos (ATOM) is showing a higher-lower trendline on the lower time-frame.
- As of now, the buyers are struggling at the 20 day exponential moving average.
- The RSI turned sideways just below the halfway point on the daily price chart.
Cosmos’ pricing has shifted sideways after rising monthly. This week was a favorable one for investors because the broader crypto market sank drastically but ATOM stayed constant. On the lower time period, altcoin price is forming a V-shaped rebound slightly above the November low.
During a recovery, Cosmos pricing is drawing a high-low structure on the hourly time period. Buyers have their hands full as the market recovers after two weeks of strong selling. As the purchasers paint the second green candle this week, they are feeling secure. If the price holds its most recent support level, this might be a trend reversal moment.
Buyers shift swing low in higher territory, while Cosmos price against the USDT stays at $10.11 mark at press time. Today, ATOM price is slightly up 0.95%. Notably, buyers successfully reclaimed ideological round levels of $10. Moreover, the ATOM coin along with the Bitcoin pair dropped 1% at 0.0005948 satoshis.
Although on a long-term the outlook bears dominate ATOM crypto below the descending trendline. Buyers may again see another price drop at this selling zone because of low trading volume. Last night also, volume decreased 27% at $71.49 Million. Therefore, buyers struggle at the 20 day exponential moving average and over the daily price chart, 50 EMA will be the next resistance.
Traditional technical indicators favor price recovery in Cosmos price. RSI became sideways just below the half-way on the daily price chart but still it shows positivity in crypto. As well as, MACD gradually increases higher towards the neutral zone.
Conclusion
The Cosmos price (ATOM) seems sideways just below the 20 day exponential moving average. At the time, trading volume is very low, which is the only reason behind low volatility. Now bulls must manage price sustainability above key round level of $10 and breakout of 20 EMA.
Support level – $10 and $8.7
Resistance level – $15 and $20
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.