The Cosmos coin price action showed a steady correction phase in this chart. The coin price lost half its value and plugged into the $20 support. After experiencing strong support from this bottom level, the price attempts for a recovery phase, starting from the crucial resistance levels near the $25 mark.
Cosmos/ATOM/USD Daily Time Frame Chart
Past Performance or Trend
On October 26th, the Cosmos coin failed to breach the All-Time High resistance of $44.5 and entered into a correction phase. This moderate pullback plummeted the coin price to the 0.618 Fibonacci retracement level, indicating a nearly 50% discount in its value.
The RSI Chart Shows A Significant Recovery In Its Chart
For more than three weeks, the ATOM coin price has been wobbling between $26 and $20 level. This pair obtained sufficient demand pressure from the bottom support during this consolidation period, preparing for a bullish reversal.
Today, the coin shows a long bullish candle of $13% gain, breached a confluence of crucial resistance levels, indicating an excellent long opportunity for crypto trades.
These resistance levels are;
- A horizontal level of $26.2
- 0.5 FIB level
- 200 EMA of both daily and 4-hour chart
Therefore, reclaiming this resistance level is essential for the coin buyers to initiate a new rally.
By the press time, the ATOM coin is trading at 26.7, with an intraday gain of 13%. The 24hr volume change is $511.9 Million, indicating a 72% hike. According to the coinmarketcap, the coin stands at 30th rank with its current market cap of $6 Billion(+15.7).
- -The daily Relative Strength Index (53) has recently crossed above the neutral line, supporting the ongoing rally.
- -As mentioned above, the ATOM coin is trying to cross above the 200 EMA line as well, providing an excellent edge for the long traders.
- -The MACD indicator shows both its lines are steadily moving higher in the bullish zone, with the histogram chart confirming the progress with consecutive longer green candles.
- Terra LUNA 2.0 Price Falls By Over 60% Hours After Airdrop
- What Is Terra LUNA 2.0, Here’s All You Need To Know
- Whales Accumulating These DeFi Tokens Amid Price Crash
- This Analyst Predicts A Bitcoin Bottom Before Bullish Momentum
- Terra Team Officially Activates Terra 2.0 Pheonix-1 mainnet, Here Are the Details
- Tron’s TRX Burn Total Exceeds 7.7 Billion
- Tron Stablecoin Reaches Key Milestone Amid Bearish Trends
- Binance Italy Gets Govt Nod, Global Expansion Goes On
- Just In: Russia Inches Closer To Crypto Adoption With Latest Move
- Ethereum Classic (ETC) Soars 9% As ETH Crashes, Here’s Why
- CRV Price Analysis: Dual Trendline Limits The CRV Bull Run
- DOT Price Analysis: Uncertainty Over DOT Price May End With Trendline Breakout
- ERON Price Analysis: Emerging Bullish Pattern Foretells 65% Rise In ERON
- AAVE Price Analysis : $95 Breakdown Rease 25% Fall In AAVE Price
- Sandbox Price Analysis: High Volume Breakout Aims SAND To Hit $2.6
- MATIC Price Analysis: Bullish Influence Grows on Consolidation
- TRON Price Analysis: High Volume Breakout may Lead TRX to $0.9 Mark
- Tezos Price Analysis: Dynamic Trendline May Carry XTZ Price to $2.4
- AAVE Price Analysis: AAVE Chart Hints Coin Holders May Lose $100 Mark
- What Next For The Fast Recovering FTM Price?