- 1 The coin has been on an uptrend after the double bottom back in October.
- 2 The ATOM bulls are coming back as the coin is surfing the 50-day EMA..
- 3 The EMAs have done a bullish crossover, as an indicator of bullish strength.
The volatility of cryptocurrencies, like Cosmos, is well-known. Cosmos began operating properly in December 2019 and continued to become better. March 2020 saw a decline, but it bounced back fast.
It seems that Cosmos’s outstanding performance was influenced by the epidemic. In the later part of 2021 and into early 2022, the Cosmos token continued to generate substantial profits. But the token lost every penny of its two-year gain after April 2022.
Cosmos blockchain is up 30% past month, but lost momentum last week, with less than a 1% gain, and over 4% loss in the past day. This suggests a cooling-off period for the token in the market.
Despite this, market bulls regained momentum and broke through the resistance level. The Cosmos token experienced significant price volatility but remained under the influence of the bulls, resulting in a breakthrough of the key resistance level at $9.591.
Technical Analysis and Prediction of the ATOM Coin Price
ATOM/USDT chart by TradingView (Daily time frame)
The token reached a high of $12.41 but was subsequently rejected, leading to an 18% drop in value. The coin then hovered near the support level of $9.23. The bulls tried to test the high again but were rejected at $12.08, resulting in a loss of momentum.
Pivot Classic Fibonacci Camarilla Woodie S3 2.984 6.049 8.406 4.651 S2 6.049 7.220 8.687 6.083 S1 7.649 7.943 8.968 7.717 P 9.114 9.114 9.114 9.148 R1 10.714 10.285 9.530 10.782 R2 12.179 11.008 9.811 12.213 R3 15.244 12.179 10.092 13.847
However, the bulls quickly regained power, and the coin has since seen positive trading. Recently, the ATOM coin price is trading in an uptrend which started around mid-October.
At press time, ATOM coin price is trading at the level of $11.t5 after trading in an uptrend. The bullish investors are taking the support level of the 50-day EMA which is trading at the level of $9.19. The current support levels for the ATOM token are at $8.15 and $6.205.
Conclusion
Cosmos is a technology that facilitates faster network transactions by using a decentralized approach. Since there has been rejection at the resistance level but the bulls are gaining back confidence as they are supported by the EMAs.
Technical Levels
- Support Levels: $8.15 and $6.205.
- Resistance Levels: $12.057 and $14.495
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Nancy J. Allen
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
