coinedition.com
The crypto market has come to life as the new year kicks off. One crypto that has benefited from the new year’s addition of liquidity in the market is Cosmos (ATOM), which has risen 5.46% over the last 24 hours according to CoinMarketCap. As a result, the price of ATOM is trading at $9.88 at press time.
The altcoin has also been able to post gains against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), and has strengthened against both of the leaders by 4.18% and 3.82% respectively. At press time, one ATOM is worth 0.0005926 BTC and 0.008169 ETH.
There has also been a 40.20% increase in the daily trading volume for ATOM over the last 24 hours, which has elevated the total trading volume for ATOM to $98,152,610.
ATOM’s price has established a gradual ascending price channel after consistently printing higher highs and higher lows over the last 2 weeks. With the price of ATOM now trading above the 9-day and 20-day EMA lines, it is looking to break out of the aforementioned price channel and make a move toward the resistance level at $10.5.
Technical indicators on ATOM’s daily chart are flagging bullish at press time. Currently, the 9-day EMA line is above the 20-day EMA, after a bullish cross between the two lines occurred yesterday. In addition to this, the daily RSI line is positioned well above the daily RSI SMA line, and is sloped steeply towards the overbought territory.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.