- ATOM price is showing strength as the price breaks rebounded from $12 with good volume and eyes were set on recovering $13.
- ATOM is breaking out of a downtrend as the price resumes a bullish structure.
- ATOM’s price continues to trade above the 50 Exponential Moving Average (EMA) on the 4-hour time frame.
Bitcoin (BTC) price action has hurt most altcoins, with Cosmos (ATOM) finding its price on crucial support as bulls defend this region with blood and sweat. Recent CPI news had a significant impact on the crypto market as BTC’s price fell to a low of $18,200 before recovering to $19,300, with many altcoins struggling to keep up, but Comos (ATOM) proved to be the best resistant. (Binance data)
Cosmos (ATOM) price analysis on the weekly chart.
Although there have been some big price moves over the past few weeks due to so many traders and investors taking an interest in the various projects that are being built on top of the Cosmos ecosystem, this in some ways serves as a huge catalyst for such price moves.
After ATOM price fell to a weekly low of $6, the price rallied from that low to a high of $17 where the price met resistance to break through this region to a high of $20.
ATOM price faced a rejection to a low of $11.5 where the price rebounded and surged to a high of $12, recapturing this region as it was a key support for ATOM prices.
ATOM’s next weekly candle closed bearish but the new week’s candle opened with bullish signs as ATOM’s price could be set for a rally into a $13 region where the price will face resistance to break higher .
Weekly resistance for ATOM price – $13.
Weekly support at the price of ATOM – $12.
Price analysis of ATOM on the daily chart (1D).
Daily ATOM price chart | Source: ATOMUSDT On Tradingview.com
On the daily timeframe, ATOM price continues to trade below the key resistance, although it broke out of its downtrend after the price rejected from a high of $17.
ATOM price has shown strength as the price broke out of a descending triangle as the price attempted to break above the 50 EMA at $12.75 which acted as resistance for ATOM price. If ATOM 50 EMA price reclaims EMA, we might see more price action in a $13-$14 region.
The Relative Strength Index (RSI) for ATOM price during the intraday period is looking good after recovering from an oversold region, indicating good buying volume for ATOM
Daily resistance for ATOM price – $13.
Daily support for ATOM price – $12.2.
Featured image by BitcoinKE, charts by Tradingview
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