Kosmos Price Analysis: ATOM Crypto Is Struggling To Achieve Stability Inside This Channel!
- Cosmos’ price has risen through an ascending parallel channel above the daily price chart.
- ATOM crypto is trading at 20 EMA above 50 and 100-day DMA but still below 200-day daily moving average.
- The ATOM/BTC pair is at 0.0007308 BTC with an intraday drop of 4.21%.
Above the daily price chart, the price of Cosmos is striving to climb through an ascending channel. The coin is currently gaining as it climbs near the top trend line of the channel. For ATOM currency to come back and pass a significant barrier level, it needs to maintain the momentum of the current wave. The rising parallel channel needs to be maintained by ATOM bulls for the token to break out with a strong bullish wave. However, Bjørner is trying to short-circuit the ATOM market. A bear market makes it harder for cryptocurrencies like ATOM to recover effectively. Investors in ATOM need to hold out until bulls hold their position on the rising parallel channel’s top trend line.
Cosmos’ estimated market price right now is $13.86, which is 5.53% less than the previous day’s closing price. However, during intraday trading, trading volume fell by 8.66%. This shows that bears trying to pull the token are outplaying bulls in the game. The ratio between volume and market value is 0.1478.
In order to accelerate towards the upper trend line of the rising channel, the price of ATOM coin needs to attract more buyers. The bears are trying to accumulate for a pullback in the ATOM currency, however, as indicated by the volume swings. For the recovery phase to be visible on the daily price chart, the ATOM coin price must rise towards the upper trend line.
What do technical indicators suggest about ATOM?
ATOM Crypto keeps an eye on the recovery on the daily price chart using an ascending parallel channel. To optimize recovery, the token must continue to move inside the channel and push past the allowed resistance level. Technical indicators suggest that ATOM coin’s downward momentum is still present.
The downward movement of the ATOM coin is depicted by the relative strength index. Moving out of neutrality and into oversold territory, the RSI ATOM coin’s MACD is showing bearish momentum. After the negative crossover, the MACD line is lower than the signal line. Investors in ATOM need to watch the daily chart for any directional changes.
Conclusion
Above the daily price chart, the price of Cosmos is striving to climb through an ascending channel. The coin is currently gaining as it climbs near the top trend line of the channel. For ATOM currency to come back and pass a significant barrier level, it needs to maintain the momentum of the current wave. The rising parallel channel needs to be maintained by ATOM bulls for the token to break out with a strong bullish wave. However, Bjørner is trying to short-circuit the ATOM market. For the recovery phase to be visible on the daily price chart, the ATOM coin price must rise towards the upper trend line. Technical indicators suggest that ATOM coin’s downward momentum is still present. After the negative crossover, the MACD line is lower than the signal line. Investors in ATOM need to watch the daily chart for any directional changes.
Technical levels
Support levels: $13.00 and $11.50
Resistance levels: $15.30 and $16.00
Disclaimer
The views and opinions expressed by the author or any person mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
