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Cosmos price analysis indicates bulls are in driving seat for today. The price has gained much of its value that was lost in the previous session. In the past few days, the cost of ATOM has received downside attention and has depreciated significantly. The market is currently taking support near as it attempts to bounce back to tag the swing highs.
- ATOM price edges higher following the previous sessions decline.
- A decisive break above the $23.0 level will bring more gains to the coin.
- However, a break below the moving average crossover will continue with the downside movement.
ATOM price looks for upside reversal
ATOM price is trading in a rising channel, making higher highs and higher lows on the daily basis. Recently, the price takes good support at 50 EMA, indicating bullishness.
ATOM’s price after giving an impulse move from $8.59 to $11.47, takes a retracement from a higher level to 61.8% Fibonacci level, which is at $9.67.
The daily chart shows ATOM’s price found reliable support near $9.60 level. Whereas the nearest resistance is placed $10.55. If the price is able to close above $10.55, with good volumes then we can expect a good to bullish momentum to the recent swing high at $11.47.
Further, the market participant would aim for the psychological $12.0 level.
1-hour time frame signals bullish formation
On the hourly time frame, the price formed a “Double Bottom pattern” indicating strong support near the lower levels. As seen on the charts, the price broke its bullish neckline and started to move up. If the price is able to sustain above $10.23, then we can expect a good bullish momentum of up to $11.47
On the other hand, a break below the $9.97 level could invalidate the bullish outlook. And the price can go up to $9.6.
As of publication time, ATOM/USD is exchanging hands at $10.35, up 4.23% for the day. According the CoinMarketCap data, the 24-hour trading volume rose more than 12% at $258,996,979. It is a bullish sign.
ATOM price has depreciated 300% from the highs of $33.29 made on April 3 to the fresh al time-low of $6.19. Since then the price surged to test $11.45. This is a crucial level as supprot-turned resistance level.
Conclusion:
ATOM is exusidng bullishness on all time frames. A move above $10.55 closing on the hourly time frame would be further a confirmation for the continuation of the upside momentum. We advised investors to initiate a long positon with strict stop loss.
Support level: $9.60
Resistance level: $10.75
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