- ATOM price is up nearly 20% on the week
- ATOM Price has been stuck in ascending channel for weeks
- 50MA has been holding as support
ATOM price has been attempting a breakout over the last week as many alt coins have went parabolic. BTC & ETH allowed alt coins to begin a stronger revival as they both broke out of major resistances & downtrends. The market has been rising for nearly a month straight with little correction. As BTC now seems exhausted, we may expect a retracement to come even though some alt coins have yet to make a large upward move.
For the last 3 weeks Cosmos has been respecting an ascending channel formation. Just over the past day, bulls attempted a breakout of the top trend of the channel but was rejected back in. Along with the top trend of the channel lies a resistance zone found from $16.55-$17.50.
ATOM must fully break & hold this zone along with the top trend in order for a large surge to occur. In the case this does occur, expect ATOM to hit $18.51 +. This would allow for Cosmos to experience a larger scale retracement after 3 months of downtrending.
Cosmos Price Analysis: ATOM/USDT 4 Hour Chart
Over the past 4 days, price has refused to close a 4 hour candle below the median line of the channel. If bears push lower & ATOM does close a candle below, we can expect a drop to at minimum the bottom trend of the channel along with the major support found at $14.58. This area is also met with the 50MA which has been support for nearly 3 weeks.
In the case this MA does not hold & ATOM breaks out of its ascending channel, we should expect prices to fall further to the $13.00 support level. This would likely put Cosmos into a slight bear trend.
While looking at the Stochastic RSI, we can see how it has been consolidating for almost 5 days, awaiting some type of move. This has formed a symmetrical triangle formation & a breakout to either side will trigger an explosive move. The regular RSI is also in the same spot as it has formed a near week long triangle. Once both RSI’s break to one side, we can expect price to follow suit.
ATOM Intraday Analysis
- Spot rate: $16.30
- Trend: Bullish
- Volatility: High
- Support: $15.54
- Resistance: $16.54
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.