thecoinrepublic.com
- ATOM price is preparing a bullish reversal from the demand zone at the daily chart
- The XLM price is observing a decline of 4.52% in the last 24 hours.
ATOM price at present is trading near a crucial historic support level. The price has been taking consistent support and resistance from this level for the last 8 months. This suggests that buyers are providing support to ATOM. At present, the price of ATOM is trading near the demand zone at $10,000 and according to historic price action, it can make a bullish rally if the price gains buyers’ support from this level anew.
Present the investor’s sentiments are turning bullish. There is an increase in green candles in the volume in the past few weeks. The RSI line is steadily reaching the oversold levels while the stochastic is already preparing a bullish intersection in the demand zone. The price is not respecting its SMA or EMA at the movement which is often observed in the sideways moving ranges.
ATOM price can take a bullish turn from current levels
Cosmos is a project that is focused on solving some of the major problems faced by the Blockchain industry. The project aims to offer a solution for some inefficient proof-of-work protocols offered by some of the major cryptocurrency platforms by offering an ecosystem of connected blockchains. It is also focused on making blockchain technology less complicated for developers through a modular framework. Another benefit offered by the Cosmos platform is an Inter blockchain communication protocol making it more efficient for blockchains to communicate with each other by preventing fragmentation in the industry.
Technical Analysis ( 1 Day Timeframe )
The RSI line is making a higher high higher low pattern. The current value of the RSI line is near the oversold levels at 40.54 points and 14 SMA is trading at 51.72 points providing resistance to it. The making of an RSI curve below the median line near oversold levels is suggesting that the price might soon make a reversal from its current level.
The Stochastic RSI is also supporting the RSI line which is a rare occurrence and it strengthens the price prediction. %K line is currently trading at 5.90 at the demand zone making an upward curve which indicates a bullish reversal through the %D line at 21.31 points.
Conclusion
After making an 18% downturn from $13.000 the ATOM price is currently taking support near the price of $10.000 while is 20% above the current price near the $13.000 and its next resistance is at the next high of around $15.000.
Technical levels –
Support – $10.000
Resistance – $$13.000and $15.000.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.